Polyus' 2022 profit down on lower gold production and higher costs Polyus
- Polyus, Russia’s largest and the fifth largest gold producer globally, reported today that its total gold output in 2022 was 2,541 thousand ounces, down 6.5% compared to 2,717 thousand ounces produced in 2021.
Total gold sales volumes in 2022 amounted to 2,423 thousand ounces of gold, down 11% compared to the previous year. This was primarily driven by lower production volumes at Olimpiada, Blagodatnoye and Natalka, it added. The group’s total cash costs for the full year 2022 rose by 28% to $519 per ounce, compared to 2021, reflecting lower average grades in ore processed at almost all hard-rock deposits. The consumables prices inflation, wage indexation and rouble appreciation have also negatively impacted the company’s cost performance in 2022, Polyus said.
The company also reported profit for the period of $1,559 million as well as basic earnings per share of $11.53 per share , and said that its Board has yet to make a final decision on the dividend recommendation for the full year 2022.
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