Polyus (company)

History

Polyus was founded as Polyus Gold () in March 2006, as a result of a spin-off from the gold assets of Norilsk Nickel.

In May 2006, shares of Polyus Gold were admitted to listing and trading on the Russian stock exchanges RTS and MICEX (both of these later merged to form the Moscow Exchange). In December 2006, ADRs of Polyus Gold were listed and admitted to trading on the London Stock Exchange. Due to the sanctions imposed against it, the company plans to delist its depository lists from the LSE on 25 July 2023. Sanctions against Polyus were simultaneously imposed on 19 May 2023 by the United States, Great Britain, and Australia.

In 2009, the businessman Suleyman Kerimov bought a 37% stake in Polyus Gold from Vladimir Potanin. In 2015, the family of Suleyman Kerimov acquired 59% of Polyus Gold International Ltd (the parent holding company of Polyus Gold) and became the controlling shareholder of Polyus Gold. On 3 December 2015, Polyus Gold International Limited announced the delisting of its shares from the London Stock Exchange.

In 2016, Polyus Gold changed its name to Polyus.

In June 2017, Polyus's shares were re-admitted to trading on the London Stock Exchange.

In April 2019, Polyus sold a 3.84% stake worth US$390 million in a secondary public offering on the Moscow Stock Exchange.

Operations

Polyus holds the world's third-largest gold reserves, with 64.4 million ounces of proven and probable gold reserves, and the second-largest mineral resource base globally, containing 193 ounces of gold.

Operating mines

Development and exploration

• Sukhoi Log: one of the world's most significant gold greenfield projects. Estimated gold reserves are 962 million tons of ore, grading 2.1 grams per ton of gold, for 63 million ounces of contained gold.
• Other deposits in Krasnoyarsk Krai, Amur Oblast and Irkutsk Oblast

Sukhoi Log

Sukhoi Log is one of the largest undeveloped gold deposits in the world. Its development could increase Russia's gold production by more than 20%, strengthening the country's position among the global leaders in this sector.

In 2022, Polyus carried out a reengineering of the project. Sukhoi Log is a significant investment project in Russia's gold mining sector, with total investments estimated at $6 billion.

In 2024, pilot-scale ore processing from the Sukhoi Log deposit began at the Verninskaya processing plant, utilizing similar technologies and the advantage of geographical proximity. By October 2024, the first tonne of gold had already been produced as part of this initiative.

Ownership

Main owner as of 2021: Said Kerimov (76.34% of shares). 21.85% of the shares are in free circulation, and the company's management holds 1.03% of the shares.https://polyus.com/ru/investors/disclosure/ In 2022, Said Kerimov sold 29.99% of Polyus to Acropol Group (which belongs to Akhmet Palankoev) and gave 46.35% to the Fund for Support of Islamic Foundations in Russia. https://polyus.com/en/media/press-releases/changes-in-shareholder-structure/

In July 2023, the Board of Directors of Polyus announced a share buyback program. It is planned to acquire approximately 30% of the stake. The Board of Directors allocated 579 billion rubles for these purposes. At the time of the announcement of the offer, the buyback price (14.2 thousand rubles per share) was one-third higher than the market price.

Carbon footprint

Polyus Gold reported Total CO2e emissions (Direct + Indirect) for 31 December 2020 at 2,020 Kt (-380 /-15.8% y-o-y). The decline accelerated compared to the CAGR of -8.6% since 4Q'16.

References

References

1. (2022-04-11). "Алексей Востоков сменит Павла Грачёва на посту CEO Полюса". [[Интерфакс]].
2. "Polyus.com - Shareholder structure".
3. [http://polyus.com/upload/iblock/85e/plzl_trading_update_4q19_final-2.pdf PJSC POLYUS TRADING UPDATE FOR 4Q and 2019]
4. (2017-06-30). "Russia's Polyus returns to London, UK investors take half of share offer". Reuters.
5. Novinar, Novinar. (2019-04-08). "British Investors Buy $200mn Worth of Polyus Shares".
6. (2019-04-04). "Russia's Polyus Gold sold 3.8% SPO for $400mn".
7. "Controlling shareholder of Russia's Polyus selling a 3.5% stake via ABB".
8. http://www.nornik.ru/_upload/editor_files/file0083.pdf
9. Bream, Rebecca. (2006-12-18). "Polyus looks to Western merger". Financial Times.
10. (2023-06-23). ""Полюс" сообщил о планах провести делистинг расписок с LSE 25 июля".
11. "Sale of Polyus-Gold stake to billionaire Kerimov approved - News".
12. "Russia's Polyus Gold announces delisting of shares on LSE". Reuters UK.
13. Devitt, Polina. "Russia's Polyus tests markets with London and Moscow share sales". Reuters UK.
14. IntelliNews, bne. (2019-04-04). "Russia's Polyus Gold Prepares to Sell 3.5% Stake for $400M".
15. "Ore Reserves and Mineral Resources Update — Polyus".
16. [http://polyus.com/upload/iblock/4f8/2017_06_05_rr-release_final_eng.pdf PJSC Polyus Ore Reserves and Mineral Resources Update], 5 June 2017
17. Бичашвили, Георгий. (2024-12-10). "«Полюс» раскрыл инвестиции в Сухой Лог". Ведомости.
18. Костринский, Герман. (2024-12-10). "Капитальные затраты «Полюса» на Сухой Лог составят $6 млрд". РБК.
19. (2024-10-31). ""Полюс" получил первую тонну золота из руды Сухого Лога. ТАСС (31 октября 2024). Дата обращения: 14 апреля 2025.". ТАСС.
20. (2023-07-10). ""Полюс" решил выкупить до 30% своих акций у акционеров".
21. "Polyus Gold's ESG Datasheet for 2020Q4".
22. "Polyus Gold's ESG Datasheet for 2018Q4".
23. "Polyus Gold's ESG Datasheet for 2019Q4".
24. "Polyus Gold's ESG Datasheet for 2020Q4".
25. "Polyus Gold's ESG Datasheet for 2020Q4".
26. "Polyus Gold's ESG Datasheet for 2020Q4".
27. "Polyus Gold's ESG Datasheet for 2020Q4".