Polyus, Russia’s largest gold producer, has posted $7.3bn in revenue in 2024, a 40% surge compared with the previous year, driven by increased gold sales volumes and a higher average realised gold price.
In 2024, Polyus saw an 11% increase in total gold sales volumes, amounting to 3.1 million ounces (moz).
This rise reflects higher production across the group’s assets, except for the Irkutsk business unit.
The company also reported a planned sale of previously accumulated gold, which contributed to the difference between sales and the total gold output of 3moz.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 49% to $5.7bn, while net income soared by 86% year-on-year to $3.2bn.
The achievement comes amidst the challenges posed by Western sanctions against Russia and the company itself.
Gold prices have climbed more than 11% this year, reaching $2,915.80/oz after a 27% increase last year, the precious metal’s best performance in more than a decade, reported Reuters.
Despite the sanctions, which have restricted access to critical equipment and forced companies like Polyus to seek new suppliers such as China, the company remains resilient.
In December, Polyus cited the sanctions as the reason for the near-doubling of development costs to $6bn at the Sukhoi Log gold deposit in Siberia.
Polyus has confirmed its intention to pay dividends bi-annually, aiming for 30% of EBITDA.
For the full year 2025, Polyus anticipates gold production of 2.5moz–2.6moz, with capital expenses guidance ranging from $2.2bn to $2.5bn.
The expected year-on-year decline in production is mainly due to lower grades in ore processed at Olimpiada.
The company is also focusing on launching production at greenfield projects including Sukhoi Log, Chulbatkan and Chertovo Koryto, which could increase annual gold output to 6moz by 2030.
In July 2024, Polyus divested its Degdekanskoye ore field gold deposit in Russia to diamond producer Alrosa.
