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Mining News November 24, 2021 10:40:41 PM

Russian Gold Mining Giant Posted Robust Results in Q3 This Year

Paul Ploumis
ScrapMonster Author
The adjusted EBITDA for the quarter amounted to $968 million, higher by 10% from $899 million in Q2 this year.

Russian Gold Mining Giant Posted Robust Results in Q3 This Year

SEATTLE (Scrap Monster): Russian gold mining giant, Polyus PJSC announced consolidated financial results for the third quarter of the current year.

The company’s gold sales volumes amounted to 776,000 ounces, significantly higher by 14% from the prior quarter. The boosted volumes were mainly on account of seasonally higher production volumes at Alluvials and boosted output across all hard-rock deposits. The revenue for the quarter surged higher by 12% quarter-on-quarter to total $1,400 million. The adjusted EBITDA for the quarter amounted to $968 million, higher by 10% from $899 million in Q2 this year.

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The Company’s Extraordinary General Shareholders’ Meeting held in end-September approved the earlier recommended dividend in the amount of 267.48 Russian roubles per ordinary share for the first half of the current year. Also, the company allocated $14 million towards measures aimed at preventing the spread of COVID-19 during Q3 this year.

Commenting on the results, Pavel Grachev, Chief Executive Officer, PJSC Polyus said that the company continues to progress with its growth projects. At its Sukhoi Log Greenfield project, the company has completed deep-level and flank exploration drilling campaign, he added.

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