REG - PJSC Polyus Polyus Finance PLC - Traiding update 3Q2017 <Origin Href="QuoteRef">PLZL.MM</Origin>

Polyus PAOAnnouncement

19/10/2017 07:21

RNS Number : 0469U
PJSC Polyus
19 October 2017
Release time IMMEDIATE 
19 October, 2017
PJSC Polyus ("Polyus" or the "Company"), the largest gold producer in Russia, today releases its 3Q 2017 and 9M 2017 operating results for the period ending 30th September 2017.
3Q 2017 Highlights
 Total gold output increased 16% y-o-y to 642 koz driven by higher production volumes at Olimpiada, Verninskoye and Kuranakh.
 Volumes of ore mined rose 45% y-o-y to 9,915 kt as a result of mining volumes growth at all of Polyus' hard rock deposits.
 Volumes of ore processed increased 12% y-o-y to 7,299 kt with throughput capacity expansion projects at Company's core assets either being completed or entering the final stages of completion.
 Gold sales amounted to $734million (up 5% y-o-y) with the estimated weighted-average gold selling price of $1,279/oz, broadly in line with the LBMA spot price.
 As of 30 September 2017, the estimated net debt stood at $3,151million, compared to $3,084 million as of the end of 2Q 2017 and $3,241 million as of the end of 2016.
9M 2017 Highlights
 Total gold output increased 13% y-o-y to 1,580 koz.
 Volumes of ore mined rose 35% y-o-y to 27,744 kt.
 Volumes of ore processed increased 7% y-o-y to 20,854 kt, with higher volumes ofore treated at Olimpiada, Verninskoye and Kuranakh.
 Gold sales amounted to $1,951million with the average selling price (incl.the impact from the SPPP) of $1,269/oz, 1%above the LBMA spot price.
Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented: 
3Q 2017 marked yet another quarter of operational improvements and constant drive to discover a full potential of our assets. With production increasing 16% compared to the same period of 2016 to 642 thousand ounces, Polyus posted another record quarter in the Company's history.
On a separate note, as gold output for 9M 2017 reached 1,580 thousand ounces, we remain confidently on track to meet our previously announced production guidance for 2017 of 2.075-2.125 million ounces.
All the above mentioned is a reflection of a progress achieved at our brownfields as the most of our development initiatives are either completed or entering the final stages of completion. 
In September we conducted an official start of the Natalka hot commissioning ceremony at the Eastern Economic Forum in Vladivostok overseen by Russian President Vladimir Putin. Following completion of the hot commissioning, Polyus anticipates production at Natalka to be fully ramped up by the end of 2018. 
Health and safety update
The LTIFR rate for 3Q 2017 stood at 0.10. 
Over the course of 9M 2017, no fatalities have been recorded across all of Polyus' operations (versus 2 incidents recorded in 9M 2016).
During the reporting period, the Company continued to further enhance its on-site health and safety system. Training of employees on safety culture development and injury prevention was kicked off, aiming at improving safety and reducing workplace injuries. 
In the meantime, over 86% of the Polyus employees took occupational health training. 
Lost Time Injury Frequency Rate (LTIFR)[1]
3Q 2017
3Q 2016
9M 2017
9M 2016
2016
0.10
0.08
0.14
0.14
0.13
Consolidated operating results
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Olimpiada [2]
264.1
213.9
23%
226.2
17%
219.1
272.3
709.4
544.7
30%
Blagodatnoye
116.0
115.9
0%
105.8
10%
108.2
119.7
330.1
336.8
-2%
Titimukhta 2
-
-
N.A.
-
N.A.
-
-
-
40.2
N.A.
Poputninskoye
-
3.1
N.A.
-
N.A.
-
-
-
7.4
N.A.
Verninskoye
53.1
42.7
24%
53.3
0%
53.7
43.6
160.1
142.9
12%
Alluvials
85.0
95.7
-11%
30.9
2.7x
-
39.5
115.9
129.0
-10%
Kuranakh
43.4
39.9
9%
38.7
12%
41.0
42.0
123.1
117.6
5%
Natalka
-
4.4
N.A.
-
N.A.
-
1.3
-
4.4
N.A.
Refined gold, koz
561.6
515.6
9%
454.8
23%
422.0
518.3
1,438.5
1,323.1
9%
Gold in flotation concentrate, koz
80.7
39.3
2.1x
33.0
2.4x
28.2
55.0
141.9
71.4
99%
Gold payable in concentrate, koz
56.5
25.6
2.2x
23.1
2.4x
19.7
35.8
99.3
46.4
2.1x
Total gold
output, koz
642.3
555.0
16%
487.9
32%
450.2
573.4
1,580.4
1,394.5
13%
Rock moved, kt
61,898
36,707
69%
52,197
19%
47,072
36,978
161,167
107,802
50%
Stripping ratio, t/t
5.2
4.4
18%
4.7
11%
4.5
3.1
4.8
4.2
13%
Ore mined, kt
9,915
6,818
45%
9,210
8%
8,620
9,085
27,744
20,598
35%
Ore processed, kt
7,299
6,521
12%
6,925
5%
6,630
6,993
20,854
19,452
7%
Recovery rate, %
83.8%
84.3%
-0.5 ppts
83.9%
-0.1 ppts
83.3%
83.1%
83.7%
84.2%
-0.5 ppts
Total dor & slime gold output, koz
635.8
565.4
12%
531.5
20%
439.9
535.5
1,607.1
1,430.9
12%
In 3Q 2017, the Company produced 642 koz of gold (including 81 koz of gold contained in concentrate from Olimpiada), which represents a 16% increase on 3Q 2016. This primarily reflects the strong performance at Olimpiada, Verninskoye and Kuranakh. The growth in output was mainly driven by an increase in volumes of ore processed, following the expansion initiatives at the Company's core assets. Meanwhile, recoveries reduced 0.5 ppts y-o-y to 83.8% mainly due to lower recoveries atOlimpiada on the back of a temporary decrease in gravity and flotation recoveries.
In 9M 2017, the Company produced 1,580 koz of gold (including 142 koz of gold contained in concentrate from Olimpiada), 13% higher y-o-y. This was mainly driven by an increase in volumes of ore processed following throughput capacity expansion projects at Olimpiada, Blagodatnoye, Verninskoye and Kuranakh. Average recoveries declined 0.5 ppts y-o-y to 83.7% mainly due to lower rates at Olimpiada and Blagodatnoye. Volumes of ore mined grew 35% y-o-y, as a result of intensified mining activity at all of Polyus' hard rock deposits.A 7% y-o-yincrease in volumes of ore processed was supported by higher volumes of ore treatment atOlimpiada, Kuranakh and Verninskoye. 
Operating results by mine
Olimpiada
In 3Q 2017, dor gold output increased 35% y-o-y, to 347 koz, driven by both higher processed volumes and grade in ore treated. Total gold output (refined and concentrate) was 345 koz, up 36% y-o-y. 
Volumes of ore mined increased 40% y-o-y to 3,035 kt. This primarily reflects a higher ore feed requirements at the expanded processing capacities leading to an increase in mining activity, with volumes of rock moved reaching 20,812 kt per quarter. In the meantime, mining operations at higher-grade areas drove a 26% y-o-y increase in the grade of ore mined to 4.19 g/t in line with the mine plan.
Volumes of ore processed rose 26% to 3,490 kt, following the Mill-1 reconfiguration, with Olimpiada ore processing having started there from September 2016. In additon, increased hourly throughput capacity at Mill-3 contributed to a strong perfomance in the reporting period. At Mill-3, the feed size was reduced as coarse ore was crushed at the mobile crusher before being sent to the next processing stage.
A minor decline in recovery rate y-o-y to 81.4% was primarily attributable to a decrease in flotation recovery due to variations in the feed mineralogy as well as an increase in the flotation tailings grades driven by a one-off voltage drop at Mill-1 impacting BIO process. Separately, the BIO expansion (BIO-4) project is progressing well and expected to be completed by the end of 2017.
In 9M 2017, dor gold output increased 35% y-o-y to 870 koz driven by higher processing volumes and improved grades.
Mining works and ore processing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Rock moved, kt
20,812
12,251
70%
16,349
27%
14,798
14,819
51,958
37,098
40%
incl. stripping, kt
17,777
10,081
76%
13,323
33%
11,823
10,578
42,923
31,556
36%
Stripping ratio, t/t
5.9
4.6
26%
4.4
33%
4.0
2.5
4.8
5.7
-17%
Ore mined, kt
3,035
2,170
40%
3,026
0%
2,974
4,240
9,035
5,542
63%
Average grade
in ore mined, g/t
4.19
3.34
26%
4.18
0%
4.07
3.42
4.15
3.33
25%
Ore processed3, kt
3,490
2,778
26%
2,882
21%
2,930
3,356
9,302
7,980
17%
incl. purchased ore
from Veduga mine, kt
-
203
-100%
-
N.A.
-
105
-
445
-100%
Average grade in ore processed, g/t
3.93
3.43
15%
3.84
2%
3.45
3.76
3.75
3.12
20%
Recovery, %
81.4%
81.7%
-0.3 ppts
81.3%
0.1 ppts
79.9%
80.6%
80.9%
81.2%
-0.3 ppts
Dor gold (incl. gold
in concentrate), koz
347.4
256.8
35%
278.3
25%
243.8
313.9
869.6
642.4
35%
Refined gold output, koz
264.1
213.9
23%
226.2
17%
219.1
272.3
709.4
544.7
30%
Gold contained
in concentrate, koz
80.7
39.3
2.1x
33.0
2.4x
28.2
55.0
141.9
71.4
99%
Total gold output, koz
344.8
253.3
36%
259.2
33%
247.3
327.3
851.3
616.1
38%
OPERATING RESULTS BY MINE 
Blagodatnoye 
In 3Q 2017, dor gold output decreased 15% y-o-y to103koz due to to lower processing volumes and grades. Refined gold output amounted to 116 koz, broadly in line wth 3Q 2016.
Volumes of ore mined increased 20% y-o-y to 3,477 kt, as the Company stockpiled ore for pilot testing of the Mine-to-Mill system at Mill-4 scheduled for 4Q 2017. The lower grades in ore mined resulted from intensified mining at lower-grade sites (temporary transition from the bottom of the Southern site to the flanks containing lower grades).
Volumes of ore processed decreased 10% y-o-y, to 1,880 kt, mainly due to the scheduled maintenance works at Mill-4. Meanwhile, the recovery rate rose to 88.0%, supported by ongoing measures designed to ensure the Mill's stable operation at the current throughput capacity level. Also, Polyus' technical team optimised mineral composition of the flotation feed to reduce flotation losses.
In 9M 2017, dor gold production declined 4% y-o-y to 332 koz driven primarily by lower grades. 
Mining works and ore processing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Total rock moved, kt
20,495
14,242
44%
17,780
15%
17,192
12,050
55,468
36,971
50%
including stripping, kt
17,018
11,334
50%
14,927
14%
14,242
9,228
46,187
28,278
63%
Stripping ratio, t/t
4.9
3.9
26%
5.3
-7%
4.8
3.3
5.0
3.3
53%
Ore mined, kt
3,477
2,907
20%
2,842
22%
2,945
2,822
9,264
8,693
7%
Average grade in ore mined, g/t
1.90
2.01
-6%
1.95
-3%
2.00
2.01
1.95
2.01
-3%
Ore processed, kt
1,880
2,080
-10%
2,105
-11%
1,977
1,852
5,963
5,902
1%
Average grade in ore processed, g/t
1.93
2.08
-7%
1.96
-2%
2.01
2.07
1.97
2.07
-5%
Recovery, %
88.0%
87.7%
0.3 ppts
87.3%
0.7 ppts
88.4%
87.9%
87.9%
88.0%
-0.1 ppts
Dor gold, koz
103.4
121.3
-15%
117.3
-12%
111.2
108.8
332.0
346.2
-4%
Refined gold output, koz
116.0
115.9
0%
105.8
10%
108.2
119.7
330.1
336.8
-2%
OPERATING RESULTS BY MINE
Titimukhta
Following the completion of the Mill-1 reconfiguration project in September 2016 to process mainly sulphide ore from Olimpiada, mining activities at Titimukhta have been downscaled to the minimum level. 
Mining works and ore processing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Total rock moved, kt
354
-
N.A.
17
20.3x
48
14
419
1,040
-60%
including stripping, kt
249
-
N.A.
-
N.A.
40
14
289
628
-54%
Stripping ratio, t/t
2.4
-
N.A.
-
N.A.
5.0
-
2.2
1.5
45%
Ore mined, kt
105
-
N.A.
17
6x
8
-
131
412
-68%
Average grade in ore mined, g/t
1.64
-
N.A.
1.57
4%
1.51
-
1.62
1.61
1%
Ore processed, kt
-
-
N.A.
-
N.A.
-
-
-
500
-100%
Average grade in ore processed, g/t
-
-
N.A.
-
N.A.
-
-
-
2.26
N.A.
Recovery, %
-
-
N.A.
-
N.A.
-
-
-
85.2%
N.A.
Dor gold , koz
-
-
N.A.
-
N.A.
-
-
-
32.5
N.A.
Refined gold output, koz
-
-
N.A.
-
N.A.
-
-
-
40.2
-100%
OPERATING RESULTS BY MINE 
Verninskoye 
In 3Q 2017, dor gold output rose 23% y-o-y to 52 koz, driven by growth in volumes of ore processed and improved recovery rates. Refined gold output amounted to 53 koz, up 24% y-o-y.
Volumes of ore mined rose 27% to 846 kt y-o-y following an increase in high-grade ore mined, which is needed to feed the Mill with the required grade on the back of the higher processing volumes.
Volumes of ore processed increased 22% y-o-y to 693 kt suggesting an annualized throughput capacity at the Verninskoye Mill standing at 2.7 mtpa.
The Mill's strong performance was driven by greater efficiency at the regrinding mills following the modification of the sand separator and intensified thickening of flotation tailings. This was also supported by better availability of grinding equipment, optimal blending in terms of ore hardness and increasing per-unit consumption of explosives in order to reduce ore size and improve grinding throughput. 
Recovery rate rose 1.2 ppts to 88.7% in 3Q 2017, boosted by implementation of a new gravity separation flowsheet and higher utilization of the intensive cyanidation reactor. In addition, Polyus' technical team identified the optimal oxygen consumption mode for the oxygen supply lines to the hydrometallurgical intensive and CIL cyanidation circuits.
The aforementioned operational improvements are in line with the Company's development project to further expand throughput capacity. 
Mining works and ore processing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Total rock moved, kt
4,629
3,804
22%
4,698
-1%
4,547
3,658
13,874
12,642
10%
including stripping, kt
3,782
3,138
21%
3,594
5%
3,732
2,733
11,109
10,211
9%
Stripping ratio, t/t
4.5
4.7
-5%
3.3
37%
4.6
3.0
4.0
4.2
-4%
Ore mined, kt
846
666
27%
1,104
-23%
815
924
2,765
2,431
14%
Average grade in ore mined, g/t
2.36
2.24
6%
2.16
9%
2.16
2.28
2.22
2.17
2%
Ore processed, kt
693
566
22%
745
-7%
591
694
2,029
1,807
12%
Average grade in ore processed, g/t
2.61
2.62
-1%
2.62
0%
2.63
2.63
2.62
2.66
-2%
Recovery, %
88.7%
87.5%
1.2 ppts
88.6%
0.1 ppts
87.8%
87.5%
88.4%
87.2%
1.2 ppts
Dor gold , koz
51.5
41.8
23%
55.5
-7%
43.8
51.5
150.7
134.3
12%
Refined gold output, koz
53.1
42.7
24%
53.3
0%
53.7
43.6
160.1
142.9
12%
OPERATING RESULTS BY MINE
Alluvials
In 3Q 2017, Alluvial deposits produced 89 koz of gold inslime, down 14% y-o-y. Refined gold output totalled 85 koz (down 11% y-o-y).
The y-o-y decrease was primarily the result of a lower average grade, due to the planned reduction of the average sand grade. 
In 9M 2017, gold in slime production declined 13% y-o-y to 127 koz due to the lower average grade.
Sands washing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Sands washed, 000 m
4,999
5,296
-6%
2,251
2.2x
-
1,246
7,250
7,365
-2%
Average grade, g/m
0.55
0.61
-9%
0.53
5%
-
0.54
0.55
0.62
-12%
Gold in slime, koz
88.9
103.6
-14%
38.2
2.3x
0.0
21.5
127.1
146.8
-13%
Refined gold output, koz
85.0
95.7
-11%
30.9
2.7x
-
39.5
115.9
129.0
-10%
OPERATING RESULTS BY MINE
Kuranakh
In 3Q 2017, dor gold output increased 8% y-o-y to44koz, attributable to higher volumes of ore processed and improved recovery rates. Refined gold output amounted to 43 koz, up 9% y-o-y.
Volumes of ore mined rose 58% y-o-y to 1,698 kt inorder to provide feed for the expanded processing capacities. Average grades in ore mined declined 10% y-o-y as the Company started processing low-grade in-situ and stockpiled ore via heap-leaching at Kuranakh, with the project now being largely completed.
A 14% y-o-y increase in volumes of ore processed was the result of ongoing initiatives to debottleneck the Mill's throughput capacity. This was also supported by the mineralogy of ore feed (blending ore with minimal content of quartziferous minerals) and a higher equipment utilization ratio at the grinding circuit. The average grade in ore processed was broadly in line with 3Q 2016, while recovery rates increased 0.5 ppts to 88.8%. 
In 9M 2017, dor gold output increased 6% y-o-y to 126 koz mainly due to higher volumes of ore processed.
Mining works and ore processing
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Total rock moved, kt
8,836
6,410
38%
8,104
9%
7,216
6,438
24,157
19,091
27%
including stripping, kt
7,138
5,336
34%
6,549
9%
5,916
5,340
19,603
15,933
23%
Stripping ratio, t/t
4.2
5.0
-15%
4.2
0%
4.5
4.9
4.3
5.0
-15%
Ore mined, kt
1,698
1,074
58%
1,555
9%
1,300
1,098
4,554
3,159
44%
Average grade in ore mined, g/t
1.16
1.30
-10%
1.12
4%
1.22
1.28
1.16
1.30
-10%
Ore processed, kt
1,234
1,085
14%
1,177
5%
1,114
1,076
3,525
3,147
12%
Average grade in ore processed, g/t
1.29
1.31
-1%
1.27
2%
1.28
1.28
1.28
1.31
-2%
Recovery, %
88.8%
88.3%
0.5 ppts
88.3%
0.5 ppts
88.4%
87.5%
88.5%
88.4%
0.1 ppts
Dor gold, koz
44.3
41.2
8%
41.5
7%
40.6
39.0
126.4
119.0
6%
Refined gold output, koz
43.4
39.9
9%
38.7
12%
41.0
42.0
123.1
117.6
5%
OPERATING RESULTS BY MINE
Natalka
Full-scale mining operations were relaunched in January 2017. In 3Q 2017, volumes of rock moved totalled 6,772 kt, while the volumes of ore mined amounted to 752 kt. Average grades in ore mined were 1.01 g/t, as mining works concentrated on lower grade zones of the ore body according to the mine plan.
In June-July 2017, Polyus conducted preparatory works for hot commissioning of the project. In September, the hot commissioning of Natalka was launched by Russian President Vladimir Putin during an official ceremony at the Eastern Economic Forum in Vladivostok. 
The Natalka mill major processing equipment has undergone a trial run. Gravity separation circuit is fully operational. Technical works at the CIL section are ongoing, while equipment for intensive cyanidation has been successfully tested. Electrowinning and smelting facilities are ready for operation. 
Additionally, Polyus is proceeding with auxiliary facilities construction which will extend into 2019.
The Company anticipates production at Natalka to be fully ramped up by the end of 2018.
3Q'17
3Q'16
Y-o-Y
2Q'17
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Total rock moved, kt
6,772
-
N.A.
5,260
3,276
-
15,308
421
N.A.
including stripping, kt
6,020
-
N.A.
4,594
2,697
-
13,311
158
N.A.
Stripping ratio, t/t
8.0
-
N.A.
6.9
4.7
-
6.7
0.6
N.A.
Ore mined, kt
752
-
N.A.
666
578
-
1,997
255
N.A.
Average grade in ore mined, g/t
1.01
-
N.A.
0.95
0.88
-
0.95
1.20
-20%
Ore processed, kt
2
13
-81%
15
17
16
35
29
20%
Average grade in ore processed, g/t
0.56
2.16
-74%
1.74
1.02
1.85
1.31
1.79
-27%
Recovery, %
37.0%
75.8%
-38.8 ppts
74.8%
76.1%
77.7%
74.2%
69.3%
4.9 ppts
Dor gold, koz
0.3
0.7
-50%
0.7
0.5
0.8
1.5
4.2
-64%
Refined gold output, koz
-
4.4
-100%
-
-
1.3
-
4.4
-100%
FINANCIAL UPDATE
In 3Q 2017, the Company sold a total of 578 koz of gold, up 10% y-o-y. Total gold sales include 16 koz of gold contained in the concentrate from Olimpiada.
The Company estimates its 3Q 2017 gold sales to be approximately $734 million, an increase of 5% over 3Q 2016 due to higher sales volumes. The estimated weighted-average gold refined selling price in 3Q 2017 was $1,279/oz, down 5% y-o-y.
To recap, on 30 June 2017, Polyus priced a Secondary Public Offering ("SPO") on the London Stock Exchange and the Moscow Exchange with the size of $858 million including the greenshoe. The primary component amounted to $400 million, recognised as cash on balance in 3Q 2017. As initially stated the Company used the most of those proceeds to make an early prepayment of several bank credit facilities. 
As of the end of 3Q 2017, the Company's estimated gross debt decreased by $289 million during the quarter to $4,272 million, with the remaining portion of the offering proceeds expected to be utilised during the 4Q. The Company's debt profile remains smooth with limited debt maturities outstanding till the end of 2017 and 2018.
In line with existing dividend policy the Company paid dividend for 2H 2016 of $2.54 per share, with a total amount of $339 million being paid. Dividend for 1H 2017 of $1.81 per share, assuming a total dividend payout of $239 million, approved by the EGM meeting on 15 September 2017, with a record date on 25 September 2017, was already partially paid in September 2017. The remaining amount of ca. $10 million is expected to be paid out in 4Q 2017. 
As of 30 September 2017, the Company's estimated cash position was $1,121 million (30 June 2017: $1,477 million) and its estimated net debt position amounted to $3,151 million (30 June 2017: $3,084 million).
2017
2018
2019
2020
2021
2022
2023
Debt maturities[]3, $ mln 
1
13
591
771
348
521
2,064
Local rouble bonds
Bank loans 
Eurobonds
$1.25 bln Sberbank loan
Share of debt by source as of the end of 9M 2017 
6%
17%
48%
29%
3Q'17
3Q'16
Y-o-Y
2Q'17
Q-o-Q
1Q'17
4Q'16
9M'17
9M'16
Y-o-Y
Refined gold sold, koz
561
508
10%
455
23%
457
484
1,474
1,346
10%
Gold contained
in concentrate, koz
16
19
-14%
42
-61%
30
66
88
19
4.6x
Gold payable
in concentrate, koz
12
13
-12%
29
-61%
20
48
61
13
4.7x
Total gold sales, koz
578
527
10%
497
16%
487
550
1,561
1,365
14%
Gold sales
(incl. an SPPP effect), $ mln
734
700
5%
617
19%
600
660
1,951
1,769
10%
Weighted-average refined gold selling price (excl. SPPP), $/oz
1,279
1,335
-4%
1,261
1%
1,217
1,206
1,254
1,265
-1%
Weighted-average refined gold selling price (incl. SPPP), $/oz
1,279
1,344
-5%
1,268
1%
1,258
1,244
1,269
1,302
-3%
SPPP effect, $ mln
0
4
-100%
3
-100%
19
18
22
49
-55%
Average LBMA price, $/oz
1,278
1,335
-4%
1,257
2%
1,219
1,222
1,251
1,260
-1%
Net debt, $ mln 
3,151
3,240
-3%
3,084
2%
3,128
3,241
3,151
3,240
-3%
CONFERENCE CALL INFORMATION 
Polyus will host an analyst conference call on 19th October 2017 at 2 pm London time (4 pm Moscow time) to present and discuss the 3Q and 9M 2017 operating results.
To join the conference call, please dial:
UK 
+44 (0) 330 336 9105 (Local access) 
0800 368 0934 (Toll free) 
USA 
+1 719-457-1036 (Local access)
800-289-0438 (Toll free)
Russia
+7 495 213 1767 (Local access) 
8 800 500 9283 (Toll free)
A replay of the conference call will be available from 4 pm London time (6 pm Moscow time) on 19 October 2017, for the duration of 30 days. 
Conference ID: 6491060
To access the replay, please dial:
UK
+44 (0) 207 660 0134 (Local access)
0 808 101 1153 (Toll free) 
USA
+1 719-457-0820 (Local access)
888-203-1112 (Toll free)
Russia
810 800 2702 1012 (Toll free)
Access number 6491060#
Enquiries:
Investor contact
Victor Drozdov, Investor Relations Director
+7 495 641 33 77 
drozdovvi@polyus.com
Media contact 
Victoria Vasilyeva, Director Public Relations
+7 (495) 641 33 77
vasilevavs@polyus.com
Forward looking statements 
This announcement may contain "forward-looking statements" concerning Polyus and/or Polyus Group. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus' and/or Polyus Group's operations. Many of these risks and uncertainties relate to factors that are beyond Polyus' and/or Polyus Group's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as of the date of this announcement. Polyus and/or any Polyus Company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.
 
[1]LTIFR is calculated based on a 200,000 work hours factor
[2]Including refined gold produced from ore purchased from the 3rd party-owned Veduga mine under an off-take agreement
[3]Net of non-cash IFRS adjustments

This information is provided by RNS
The company news service from the London Stock Exchange
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