Key goals — combining growth and dividends

  • Pay significant and sustainable dividends

We are one of the top dividend payers in the gold mining sector with more than US$ 1.4 billion distributed to shareholders since our IPO. We want to continue delivering meaningful cash returns to our shareholders through the commodity and investment cycles by a combination of regular and special dividends.

  • Continue to grow our business

At the same time, we want to grow production and increase free cash flow through the addition of new high-grade, value-accretive assets.

Market trends
Traditionally, the fate of the commodity prices for gold and silver has been largely determined by the movements in the US Dollar and Federal Reserve rates, and geopolitical issues. The gold price ended the year at US$1,282/oz, slightly lower than at the end of 2017.
Annual gold demand posted a 4% gain over 2018 and reached 4,345 tonnes. The upward trend was primarily driven by a handful of central banks that added 6,511 tonnes to gold reserves in 2018, the highest on record since the US Dollar floated in 1971.
• Year-on-year mine production recorded a marginal increase to 3,347 tonnes in 2018. At a global level, environmental concerns and a crackdown on illegal mining affected mine output during the year.
On the back of oil price movements and continued geopolitical tensions, the Russian Rouble weakened by 7% year-on-year from 58.3 RUB/USD in 2017 to 62.7 RUB/USD in 2018. This had a positive impact on the mining sector, resulting in a lower Dollar value for Rouble-denominated operating costs across the board and higher Adjusted EBITDA margins.

Strategic objectives


  • Ensure robust operating and financial performance at existing mines
  • Disposal of high-cost short-lived operations (Kapan and Okhotsk)
  • 1.614 Moz GE produced in 2019: an increase of 3% over 2018 and 4% above the original production guidance of 1.55 Moz
  • Adjusted EBITDA of US$780 million, 5% above 2017
  • Free cash flow of US$176 million
  • Find more at Results centre

  • Deliver medium-term growth through building and ramping up Kyzyl


  • Successful launch in June 2018, ahead of schedule and within budget
  • 96 Koz of payable production in 2018, a beat on the original guidance of 80 koz
  • Offtake agreements secured for all 2019 concentrate production
  • Explore Kyzyl project

  • M&A combined with own exploration efforts
  • Increase in mineral resources by 15% to 24,0 Moz of GE
  • Exploration has increased Ore Reserves at Nezhda increased by 2,4 Moz to 4.4 Moz of GE.
  • A 5-year life-of-mine extension at Mayskoye
  • Take a look at Reserves and Resources

  • Maintain high standards of corporate governance and sustainable development
  • Full compliance with the provisions of the UK Corporate Governance Code
  • The first Russian company to join the Dow Jones Sustainability Index.
  • Leader in the metals sector by Sustainalytics.
  • The highest score for Anti-Corruption, Corporate Governance, Risk Management and Labour Standards by FTSE4Good
  • Appointment of three new independent non-executive Directors
  • Find more about Corporate governance and Sustainability performance