Public Joint Stock Company Polyus Reports Consolidated Production Results for the Second Half and Full Year of 2022
For the year, the company reported Volumes of ore mined in 2022 decreased 7% year-on-year to 62,333,000 tons, due to lower ore volumes mined at Blagodatnoye, Natalka and Verninskoye. This was partially offset by higher volumes of ore mined at Olimpiada. Volumes of ore processed amounted to 48,319,000 tons, remaining almost flat on the previous year. Recovery rate decreased to 81.8%, compared to 82.7% in 2021, mainly due to lower head grades. Total gold output declined to 2,541,000 ounces, compared to 2,717 thousand ounces in 2021, driven by: Lower production of refined gold at Olimpiada due to temporary decline in grades in ore processed. The Company's management intentionally decided to downscale excavation volumes versus the initial mining calendar accounting for elevated risks of potential disruptions in supply chains for spare parts and mining equipment. This led to a delayed access to high-grade zones of the ore body. The excavation volumes have already been brought back to normal, and some portion of high-grade ore planned for the second half of 2022 will be carried forward to the first half of 2023.