In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.
Constantly delivering on our strategic goals
Performance in 2022
Our focus in 2023
- Meaningful organic growth
- Meaningful organic growth
Performance in 2022
- 1.71 Moz GE produced in 2022, up 2% year-onyear and in line with original guidance
- 27.3 GE Moz at 3.6 g/t ore reserves at 1 January 2023
- Kutyn: first production six months ahead of the original schedule
- Nezhda: First full year of operations
Our focus in 2023
- The Company targets stable production and reiterates its current production guidance of 1.7 Moz of GE in 2023.
- Strong contribution from Kutyn, Nezhda and the Voro flotation plant, compensating for the planned grade-driven decrease in production at Dukat, Albazino and Varvara.
- At Prognoz, conventional open-pit mining will commence with the first ore mined in Q4 2023.
- We plan to complete several investment projects at existing operations in 2023, which will help drive cost levels down in 2024. At Mayskoye, the backfill plant construction project will enter full-scale construction in 2023.
- The scope of operational activities and capital project advancement is not expected to change materially.
- Global leadership in refractory ore processing
- Global leadership in refractory ore processing
Performance in 2022
- Amursk POX-2 project is 83% complete. We advanced construction of Amursk POX-2, which will fully de-risk our business model by bringing all concentrate processing in-house and eliminating our dependence on concentrate offtake from Q2 2024. Engineering and contracting has been completed and the vast majority of equipment is already on site.
- POX-3. We made a decision to relocate POX-3 from Russia to Kazakhstan due to sanction limitations, found an alternative site and will complete the feasibility study there in 2024. The project will allow for processing own high- and low-carbon concentrate from Kyzyl and third-party gold concentrates.
Our focus in 2023
- Keeping Amursk POX-2 construction on track for launch in 1H 2024. The start-up of the gravity concentrate processing circuit is planned for Q1 2023. This will allow full in-house processing of gravity concentrates from Nezhda.
- Subject to Board approval, the investment decision for POX-3 is expected in Q2 2024, potential start-up in H2 2028 and would enable operational independence of Kazakh operations.
- High standards of ESG through impact assessment
- High standards of ESG through impact assessment
Performance in 2022
- -15% reduction in GHG intensity (baseline 2019, Scope 1 and 2)
- Zero fatalities
- $23.2m invested in social projects
- External recognition of ESG efforts with high scores from Sustainalytics, FTSE4Good, Vigeo Eiris, ISS ESG Corporate Rating
Our focus in 2023
- Ultimate goal of zero fatalities and LTIFR ≤ 0.2 at all operations.
- Improve equality and diversity, with at least 33% of women in the Talent Pool.
- Follow our 2030 GHG emissions and freshwater intensity reduction trajectories.
- Ensure tailings safety and continuous transition to dry stacking.
- Compliance with global and local best practice.
- Capital discipline & sustainable dividends through the cycle
- Capital discipline & sustainable dividends through the cycle
Performance in 2022
- $633m Cash deposited with non-sanctioned financial institutions
- 2.35x Net debt/Adjusted EBITDA
- 5% The average cost of debt supported by our ability to negotiate competitive margins given the excellent credit history of the Group
Our focus in 2023
- Deleveraging and maintaining a comfortable leverage level of less than 2x Net Debt/ Adjusted EBITDA
- Return to positive free cash flow generation
- All of the 2023 debt repayments are well covered by available cash balances