05/07/2012 The London Stock Exchange welcomes Polyus Gold to the Premium segment of the Main Market
Polyus Gold was proud to open the London markets today in a ceremony at the London Stock Exchange just two weeks after its ordinary shares were admitted to the premium segment of the Official List.
Polyus Gold is the largest gold producer in Russia and has the third largest gold reserves in the world. With a market capitalisation of over £6 billion it is also London’s largest Premium Listed gold producer.
Polyus Gold currently operates 5 mines in Russia. It has total proven and probable JORC reserves of 90.4 million ounces of gold, and total measured, indicated and inferred resources of 160.8 million ounces of gold. The giant Olimpiada mine has 32.1 million ounces of proven and probable gold reserves and the Natalka deposit has the potential to become a world class project with production of up to 1.5 moz per annum. In 2011, the company’s gold sales increased by 37% to a record US$2.3 billion and operating profit increased by 44% to US$839 million.
The company has aggressive growth targets and aims to become one of the world’s leading gold mining and production companies by 2016. Management’s current development plans envisage seeking to increase production in Russia to more than 2.8 million ounces by 2015, with a goal of reaching 4.1 million ounces by 2020.
German Pikhoya, Chief Executive Officer of Polyus Gold, said:
“The Premium Listing underscores the company’s commitment to the highest governance standards and will enable us to access the international capital markets to support our expansion programme.”