Polyus PJSC Backs 2021 Production Guidance
June 23 2021 - 7:28AM
Dow Jones News
By Ian Walker
Polyus PJSC on Wednesday reiterated its 2021 production target
and said it expects to produce slightly more gold over the next two
years, mainly from higher output from the Olimpiada mine.
The Russian gold miner expects to produce 2.7 million ounces of
gold this year, compared with 2.8 million ounces in 2020. The fall
is mainly due to a temporary drop in grades at Olimpiada, which
will be partly offset by bottlenecking products, the company
said.
Polyus expects to produce 2.8 million ounces of gold in 2022 and
2.9 million ounces in 2023.
The company also reiterated that capital expenditure this year
is expected to be $1.0 billion to $1.1 billion, then $1.1 billion
to $1.2 billion in 2022 and $1.0 billion to $1.1 billion in
2023.
"Polyus continues to advance on its development projects and
focus on improving efficiency of its operations," Chief Executive
Pavel Grachev said.
He added that the company has identified new growth options at
Olimpiada and Kuranakh and is proceeding with brownfield
initiatives at the Blagodatnoye and Natalka mines.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 23, 2021 07:18 ET (11:18 GMT)
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