Polyus (company)

This article is about the gold mining company. For other uses, see Polyus.
PJSC Polyus
Company typePublic
MCX: PLZL
LSE: PLZL
IndustryGold mining
HeadquartersMoscow, Russia
Key people
Alexey Vostokov.[1]
ProductsGold
Revenue$5.44 billion[2] (2023)
$3.17 billion[2] (2023)
$1.73 billion[2] (2023)
Total assets$9.28 billion[2] (2023)
Total equity$−627 million[2] (2023)
Ownerprivate (80.00%) [3]
Websitewww.polyus.com

PJSC Polyus (Russian: ПАО "Полюс") is a Russian gold mining company. It is the largest gold producer in Russia and one of the top 10 gold mining companies globally by output (2.84 million ounces of gold production in 2019).[4] It is headquartered in Moscow and is listed on both the Moscow and London Stock Exchanges.[5] Polyus’ main assets are located in Eastern Siberia and the Russian Far East - in the regions of Krasnoyarsk Krai, Irkutsk Oblast, Magadan Oblast and the Republic of Sakha.

The company is controlled by Said Kerimov, son of Russian billionaire and politician, Suleyman Kerimov.[6][7][8]

History

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Polyus was founded as Polyus Gold (Russian: Полюс Золото) in March 2006, as a result of a spin-off from the gold assets of Norilsk Nickel.[9]

In May 2006, shares of Polyus Gold were admitted to listing and trading on the Russian stock exchanges RTS and MICEX (both of these later merged to form the Moscow Exchange). In December 2006, ADRs of Polyus Gold were listed and admitted to trading on the London Stock Exchange.[10] Due to the sanctions imposed against it, the company plans to delist its depository lists from the LSE on July 25, 2023.[11] Sanctions against Polyus were simultaneously imposed on May 19, 2023 by the United States, Great Britain and Australia.

In 2009, the businessman Suleyman Kerimov bought a 37% stake in Polyus Gold from Vladimir Potanin.[12] In 2015, the family of Suleyman Kerimov acquired 59% of Polyus Gold International Ltd (the parent holding company of Polyus Gold) and became the controlling shareholder of Polyus Gold. On 3 December 2015, Polyus Gold International Limited announced the delisting of its shares from the London Stock Exchange.[13]

In 2016, Polyus Gold changed its name to Polyus.

In June 2017, Polyus’s shares were re-admitted to trading on the London Stock Exchange.[14]

In April 2019, Polyus sold a 3.84% stake worth US$390 million in a secondary public offering on the Moscow Stock Exchange.[15]

Operations

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Polyus holds the world’s third largest gold reserves with 64.4 million ounces of proven and probable gold reserves, and the second largest mineral resource base globally with 193 ounces of gold.[16]

Operating mines

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Asset Region 2019 Production 2018 Production Proven and probable reserves[17]
Olimpiada  Krasnoyarsk Krai 1389.2 koz 1,321.7 koz 26.0 moz
Blagodatnoye  Krasnoyarsk Krai 420.8 koz 415.8 koz 9.1 moz
Verninskoye  Irkutsk Oblast 255.9 koz 219.4 koz 4.8 moz
Kuranakh  Sakha Republic 224.7 koz 198.9 koz 4.3 moz
Natalka  Magadan Oblast 405 koz 132.7 koz 15.4 moz
Alluvial deposits in the Bodaybinsky District  Irkutsk Oblast 145.6 koz 145.7 koz 0.8 moz

Development and exploration

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Ownership

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Main owner as of 2021: Said Kerimov (76.34% of shares). 21.85% of shares are in free circulation, 1.03% belong to the company's management.[1] In 2022 Said Kerimov sold 29.99% in Polyus to Acropol Group (belongs to Akhmet Palankoev) and gave 46.35% to the Fund for Support of Islamic Foundations in Russia. https://polyus.com/en/media/press-releases/changes-in-shareholder-structure/

In July 2023, the Board of Directors of Polyus announced a share buyback program. It is planned to buy out about 30% of the stake. The Board of Directors allocated 579 billion rubles for these purposes. At the time of the announcement of the offer, the buyback price (14.2 thousand rubles per share) was one third higher than the market price.[18]

Carbon footprint

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Polyus Gold reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 2,020 Kt (-380 /-15.8% y-o-y).[19] The decline accelerated compared to the CAGR of -8.6% since 4Q'16.

Polyus Gold's Total CO2e emissions (Direct + Indirect) (in kilotonnes)
Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
3,250[20] 3,290[21] 3,170[22] 3,100[23] 2,380[24] 2,400[25] 2,020[19]

References

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  1. ^ "Алексей Востоков сменит Павла Грачёва на посту CEO Полюса" (in Russian). Интерфакс. 2022-04-11.
  2. ^ a b c d e "PJSC Polyus Annual Report 2023" (PDF). Polyus. 14 February 2024. p. 135. Retrieved 14 February 2024.
  3. ^ "Polyus.com - Shareholder structure". Archived from the original on 2023-06-01. Retrieved 2020-02-28.
  4. ^ PJSC POLYUS TRADING UPDATE FOR 4Q and 2019
  5. ^ "Russia's Polyus returns to London, UK investors take half of share offer". Reuters. 2017-06-30. Retrieved 2017-08-09.
  6. ^ Novinar, Novinar (2019-04-08). "British Investors Buy $200mn Worth of Polyus Shares". Russia Business Today. Retrieved 2019-07-26.
  7. ^ "Russia's Polyus Gold sold 3.8% SPO for $400mn". www.intellinews.com. 2019-04-04. Retrieved 2019-07-26.
  8. ^ "Controlling shareholder of Russia's Polyus selling a 3.5% stake via ABB". Retrieved 2019-07-26.
  9. ^ http://www.nornik.ru/_upload/editor_files/file0083.pdf
  10. ^ Bream, Rebecca (2006-12-18). "Polyus looks to Western merger". Financial Times. ISSN 0307-1766. Retrieved 2017-08-09.
  11. ^ ""Полюс" сообщил о планах провести делистинг расписок с LSE 25 июля". Quote.ru (in Russian). 2023-06-23.
  12. ^ "Sale of Polyus-Gold stake to billionaire Kerimov approved - News". russianpartner.biz. Retrieved 2017-08-09.
  13. ^ "Russia's Polyus Gold announces delisting of shares on LSE". Reuters UK. Archived from the original on August 9, 2017. Retrieved 2017-08-09.
  14. ^ Devitt, Polina. "Russia's Polyus tests markets with London and Moscow share sales". Reuters UK. Archived from the original on August 9, 2017. Retrieved 2017-08-09.
  15. ^ IntelliNews, bne (2019-04-04). "Russia's Polyus Gold Prepares to Sell 3.5% Stake for $400M". The Moscow Times. Retrieved 2019-07-26.
  16. ^ "Ore Reserves and Mineral Resources Update — Polyus". www.polyus.com. Retrieved 2017-08-09.
  17. ^ PJSC Polyus Ore Reserves and Mineral Resources Update, 5 June 2017
  18. ^ ""Полюс" решил выкупить до 30% своих акций у акционеров". Rbc.ru (in Russian). 2023-07-10.
  19. ^ a b "Polyus Gold's ESG Datasheet for 2020Q4". Archived from the original on September 30, 2021. Alt URL
  20. ^ "Polyus Gold's ESG Datasheet for 2018Q4". Archived from the original on September 30, 2021. Alt URL
  21. ^ "Polyus Gold's ESG Datasheet for 2019Q4". Archived from the original on September 30, 2021. Alt URL
  22. ^ "Polyus Gold's ESG Datasheet for 2020Q4". Archived from the original on September 30, 2021. Alt URL
  23. ^ "Polyus Gold's ESG Datasheet for 2020Q4". Archived from the original on September 30, 2021. Alt URL
  24. ^ "Polyus Gold's ESG Datasheet for 2020Q4". Archived from the original on September 30, 2021. Alt URL
  25. ^ "Polyus Gold's ESG Datasheet for 2020Q4". Archived from the original on September 30, 2021. Alt URL
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