Russian gold mining company PJSC Polyus increased gold production by 5% to 1.481 million ounces (46.07 tons) in the first half of 2024 compared to the same period last year, while its revenue increased by 16% to $2.733 billion.
Refined gold production increased by 10% to 1.333 million ounces, while flotation concentrate output fell by 37% to 139,500 ounces. Ore production increased by 38% year-on-year to 50.2 million tons.
The company's gold sales for the reporting period increased by 1% to 1.263 million ounces. Adjusted net profit increased by 14% to $1.204 billion in the first half of the year.
Polyus' cash costs per ounce of gold produced increased by 8% to $423, while the all-in sustaining costs (AISC) increased by 1% to $761 per ounce.
According to the company, costs increased due to a reduction in the share of low-cost flotation concentrate in its total production volumes, while sales of by-products at the Olimpiada mine fell and mineral extraction tax in Russia was raised. These factors were partially offset by the weakening of the ruble in the reporting period and an increase in gold ore grades at the refineries of the Blagovatny, Natalka and Kuranakh projects.
The company increased its gold production forecast for 2024 to 2.75 - 2.85 million ounces, while previously it expected to mine 2.7 - 2.8 million ounces of gold this year.
Theodor Lisovoy, Managing Editor, Rough&Polished
