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.
Constantly delivering on our strategic goals
Performance in 2022
Our focus in 2023
- Meaningful organic growth
- Meaningful organic growth
Performance in 2022
- 1.71 Moz GE produced in 2022, up 2% year-onyear and in line with original guidance
- 27.3 GE Moz at 3.6 g/t ore reserves at 1 January 2023
- Kutyn: first production six months ahead of the original schedule
- Nezhda: First full year of operations
Our focus in 2023
- The Company targets stable production and reiterates its current production guidance of 1.7 Moz of GE in 2023.
- Strong contribution from Kutyn, Nezhda and the Voro flotation plant, compensating for the planned grade-driven decrease in production at Dukat, Albazino and Varvara.
- At Prognoz, conventional open-pit mining will commence with the first ore mined in Q4 2023.
- We plan to complete several investment projects at existing operations in 2023, which will help drive cost levels down in 2024. At Mayskoye, the backfill plant construction project will enter full-scale construction in 2023.
- The scope of operational activities and capital project advancement is not expected to change materially.
- Global leadership in refractory ore processing
- Global leadership in refractory ore processing
Performance in 2022
- Amursk POX-2 project is 83% complete. We advanced construction of Amursk POX-2, which will fully de-risk our business model by bringing all concentrate processing in-house and eliminating our dependence on concentrate offtake from Q2 2024. Engineering and contracting has been completed and the vast majority of equipment is already on site.
- POX-3. We made a decision to relocate POX-3 from Russia to Kazakhstan due to sanction limitations, found an alternative site and will complete the feasibility study there in 2024. The project will allow for processing own high- and low-carbon concentrate from Kyzyl and third-party gold concentrates.
Our focus in 2023
- Keeping Amursk POX-2 construction on track for launch in 1H 2024. The start-up of the gravity concentrate processing circuit is planned for Q1 2023. This will allow full in-house processing of gravity concentrates from Nezhda.
- Subject to Board approval, the investment decision for POX-3 is expected in Q2 2024, potential start-up in H2 2028 and would enable operational independence of Kazakh operations.
- High standards of ESG through impact assessment
- High standards of ESG through impact assessment
Performance in 2022
- -15% reduction in GHG intensity (baseline 2019, Scope 1 and 2)
- Zero fatalities
- $23.2m invested in social projects
- External recognition of ESG efforts with high scores from Sustainalytics, FTSE4Good, Vigeo Eiris, ISS ESG Corporate Rating
Our focus in 2023
- Ultimate goal of zero fatalities and LTIFR ≤ 0.2 at all operations.
- Improve equality and diversity, with at least 33% of women in the Talent Pool.
- Follow our 2030 GHG emissions and freshwater intensity reduction trajectories.
- Ensure tailings safety and continuous transition to dry stacking.
- Compliance with global and local best practice.
- Capital discipline & sustainable dividends through the cycle
- Capital discipline & sustainable dividends through the cycle
Performance in 2022
- $633m Cash deposited with non-sanctioned financial institutions
- 2.35x Net debt/Adjusted EBITDA
- 5% The average cost of debt supported by our ability to negotiate competitive margins given the excellent credit history of the Group
Our focus in 2023
- Deleveraging and maintaining a comfortable leverage level of less than 2x Net Debt/ Adjusted EBITDA
- Return to positive free cash flow generation
- All of the 2023 debt repayments are well covered by available cash balances