1. Homepage
  2. Equities
  3. Russia
  4. Moscow Micex - RTS
  5. Public Joint Stock Company Polyus
  6. News
  7. Summary
    PLZL   RU000A0JNAA8

PUBLIC JOINT STOCK COMPANY POLYUS

(PLZL)
  Report
End-of-day quote Moscow Micex - RTS  -  2022-06-27
9101.00 RUB   -1.29%
06/17Polyus to Buy Chulbatkan Gold Deposit in Russia for $140 Million
MT
06/07Public Joint Stock Company Polyus Announces Executive Changes
CI
06/07PUBLIC JOINT STOCK COMPANY POLYUS : Proxy Statments
CO
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Gold miner Polymetal delays projects amid sanctions pressure on Russia

04/25/2022 | 04:02am EDT
FILE PHOTO: Small toy figure and gold imitation are seen in front of the Polymetal logo in this illustration

(Reuters) - Polymetal has decided to postpone several projects amid Western sanctions on Russia after the gold and silver miner reported a 4% year-on-year increase in first-quarter revenue to $616 million due to higher gold prices.

The Western sanctions imposed on Moscow after it sent its troops to Ukraine on Feb. 24 put "tremendous pressure" on Polymetal in the first quarter, the London-listed company said. It has not been directly targeted by the sanctions.

"The Board and management continue to actively explore options to adjust company asset ownership structure to preserve shareholder value and address the needs of other stakeholders," Vitaly Nesis, Polymetal's CEO said in a statement.

Polymetal, Russia's second largest gold producer after Polyus, said it had rationalised its investment plans, with the result that its POX-2 project, a processing plant in Russia, will face a six-month delay due to supply chain challenges and is now expected to start production in the second quarter of 2024.

The company also suspended its Pacific POX project and is currently evaluating options to re-site this processing facility in Kazakhstan. The start of construction at its Veduga gold deposit was delayed by 12-18 months.

Polymetal, which has postponed a decision on a 2021 final dividend until August, said 2022 capital expenditure was currently expected at $650 million amid shrinking scope for investment scope and inflationary pressures.

Polymetal raised its total cash cost guidance to $850-950 per ounce from the previous range of $850-900, due to inflation in Russia and escalation of logistical costs.

Its guidance for production of gold equivalent - a mix of gold and other metals - now stands at 1.65 million ounces in 2023, 1.7 million ounces both in 2024 and in 2025 and 1.8 million ounces in 2026.

Polymetal's production of gold equivalent fell by 6% to 372,000 troy ounces in the first quarter, the company said, adding that it was on track to produce 1.7 million ounces in 2022.

The company's shares were up around 5%. [.L]

(Reporting by Reuters, Editing by Louise Heavens and Jane Merriman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.05% 1818.9 Delayed Quote.-0.17%
POLYMETAL INTERNATIONAL PLC -0.10% 194.8 Delayed Quote.-84.75%
PUBLIC JOINT STOCK COMPANY POLYUS -1.29% 9101 End-of-day quote.-30.39%
S&P GSCI GOLD INDEX -0.03% 1059.85 Real-time Quote.0.09%
SILVER 0.10% 20.826 Delayed Quote.-9.36%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.19% 53 Delayed Quote.-28.47%
All news about PUBLIC JOINT STOCK COMPANY POLYUS
06/17Polyus to Buy Chulbatkan Gold Deposit in Russia for $140 Million
MT
06/07Public Joint Stock Company Polyus Announces Executive Changes
CI
06/07PUBLIC JOINT STOCK COMPANY POLYUS : Proxy Statments
CO
05/19Russia's NLMK, 14 Others Granted Permission to Retain Foreign Listings
MT
05/18Russia allows 15 companies to remain listed abroad - finance ministry
RE
05/18Factbox-Russian firms, entities halt publishing data amid sanctions
RE
05/16Polyus Investor Donates Entire Stake To Islamic Foundation Support Fund
MT
05/13Novatek, Polyus Get Russia's Approval to Continue Global Depositary Receipt Programs --..
DJ
05/13Polyus Secures Exemption From Russian Law Prohibiting Depositary Receipts Programs
MT
04/29PUBLIC JOINT STOCK POLYUS : Annual Review
PU
More news
Analyst Recommendations on PUBLIC JOINT STOCK COMPANY POLYUS
More recommendations
Financials (USD)
Sales 2022 5 503 M - -
Net income 2022 2 115 M - -
Net Debt 2022 1 195 M - -
P/E ratio 2022 -
Yield 2022 8,06%
Capitalization 22 892 M 22 892 M -
EV / Sales 2022 4,38x
EV / Sales 2023 3,92x
Nbr of Employees -
Free-Float 22,0%
Chart PUBLIC JOINT STOCK COMPANY POLYUS
Duration : Period :
Public Joint Stock Company Polyus Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PUBLIC JOINT STOCK COMPANY POLYUS
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 169,08 $
Average target price 227,34 $
Spread / Average Target 34,5%
Managers and Directors
Alexey Vostokov Chief Executive Officer & Director
Mikhail Borisovich Stiskin Director, Deputy CEO-Economics & Finance
Vladimir Anatolyevich Polin Chairman & Senior Vice President-Operations
Andrey Krylov Vice President-Operations & Technical Development
Michael Alyoshin Vice President-Engineering
Sector and Competitors