Polymetal has completed the divestment of its Russian business on 7 March 2024. Please see the relevant announcement at the link. Operating and financial results as well as other information on this website until 7 March 2024 represent the Group in its former organizational structure, i.e. including Russian business, unless otherwise stated.

Financial KPIS Operating KPIS Sustainability KPIS
-3% (US$m)
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Top-line indicator, heavily dependent on commodity prices but also driven by the delivery of production volumes.

In 2022, revenue decreased by 3% year-on-year to $2,801 million. Despite the initial gap between production and sales in Q2-Q3 2022 caused by disruption in sales channels, the Group almost completely eliminated it in Q4 to a new set of counterparties.

Total cash cost
+29% (US$/GE oz)
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High-grade, full capacity utilisation and continued operational improvement, as well as foreign exchange rates and oil price are the key drivers behind total cash costs (TCC) per ounce.

TCC were $942/GE oz, up 29% year-onyear, owing to sharp increase in domestic inflation and escalation of logistical costs, combined with the planned grade declines in ore processed.

All-in sustaining cash cost
+30% (US$/GE oz)
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AISC increased by 31% to $1,344/GE oz, driven by the same factors.

Capital expenditure
+5% (US$m)
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Our rigorous approach to all investment decisions ensures tight controls on capital expenditure, boosting the return on capital invested for shareholders and the sustainable development of the business.

Capital expenditure was $794 million, up 5% year-on-year, reflecting accelerated purchases and contractor advances for ongoing projects (most notably, Amursk POX-2), combined with inflationary and logistical pressures on the sustaining capex.

Adjusted EBITDA
-31% (US$m)
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Adjusted EBITDA provides an indicator of our ability to generate operating cash flows from the current business.

In 2022, Adjusted EBITDA decreased by 31% year-on-year to $1,017 million, against a backdrop of higher costs.

Dividends proposed for the year
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Taking into account the Group’s leverage (2.35x Net debt/EBITDA, above the comfortable level of 1.5x), significant level of uncertainty and continuing impact of the external pressures, the Board has decided not to propose any dividend for 2022 in order to allow the Group to enhance its resilience in a highly volatile environment.

Underlying net earnings
-52% (US$m)
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Underlying net income is a comprehensive benchmark of our core profitability, excluding foreign exchange gains/losses, impairments and one-off non-recurring items.

Underlying net earnings in 2022 decreased by 52% to $440 million, reflecting the decrease in operating profit.

Gold equivalent production
+2% (Koz)
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Annual target for gold equivalent (GE) production is an indicator to the market of our confidence in delivering stable and reliable growth.

In 2022, gold equivalent output amounted to 1,712 Koz, a 2% increase year-on-year and in line with the original production guidance of 1.7 Moz.

Ore reserves
-9% (Moz)
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Extending life-of-mine through near-mine exploration and new discoveries from greenfield exploration both contribute to the Company’s long-term growth prospects.

In 2022, Group Ore Reserves decreased by 9% to 27.3 Moz of GE, mostly due to mining depletion, partially offset by the successful exploration results at Omolon and Voro hubs. Polymetal GE grades continue to be one of the highest within the sector globally.

GHG intensity
-15% (tonnes per Kt of ore processed)
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In line with the goals of the Paris Agreement, we seek to decarbonise our operations by switching to low-carbon electricity supplies and mining fleet, generating more solar energy and improving energy efficiency. We aim to reduce our GHG intensity by 30% by 2030 and develop long-term goals further. In 2022, we reduced our GHG intensity (Scope 1 and 2) by 7% year-on-year and by 15% compared with 2019 baseline.

Fresh water withdrawal intensity
-11% (m3/Kt of processed ore)
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Our approach is to minimise fresh water withdrawal by recycling water at our plants and capturing mine water and storm run-off for further reuse. Alongside monitoring water use volumes, we take full responsibility for the efficient treatment of water that we discharge to local water bodies. In 2022, our freshwater intensity decreased by 11% year-on-year and by 49% compared with 2019 baseline.

Lost time injury frequency rate
-17% (LTIFR)
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An improvement in the health and safety record at our operations, with a goal of zero fatalities, is a key priority. There were no fatal accidents in 2022. However, lost-time incidents still took place among Polymetal’s workforce and contractors. Lost time injury frequency rate (LTIFR) among the Group’s employees in 2022 decreased to 0.10.

Share of female employees
Stable (%)
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We value a diversity of views and backgrounds among our employees, aiming to attract more women to careers in the male-dominated mining industry. Our diversity action plan sets gender diversity targets for our existing development programmes (such as Talent Pool and Research and Development Conference) and introduces new initiatives to inspire women into leadership roles. In 2022, the proportion of women in our workforce remained at 21% (2021: 21%).

You are downloading Integrated Annual Report . Please note that some ESG data are available in Sustainability Performance Data 2021 (GRI and SASB) that outlines our key non‑financial performance information for financial year 2021. While the selected annual report is being downloaded, we want to draw your attention to the Sustainability Report. It provides detailed information on ESG indicators.

While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. They provide detailed information on ESG indicators.

You can also download historical data on sustainable development.