MINING REFINING

Russian gold miner Polyus records $1.58bn profit in H1 2024  

Wed Aug 28 2024

Russia’s largest gold miner, Polyus, has reported a 183% jump in H1 2024 profit to $1.58bn, thanks to record-high global gold prices and despite Russia currently being subject to a raft of sanctions from European nations and the US.  

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in H1 2024 amounted to $2.021bn, a 20% increase compared with $1.6bn in H1 2023, reflecting higher average gold prices during the reporting period. 

EBITDA is a useful measure of a company’s overall financial performance, but where possible should always be assessed together with other key performance indicators such as net income. 

The quantity of gold sold in H1 2024 totalled 1.26 million ounces (moz), almost unchanged from H1 2023. 

Polyus amassed around 210,000oz of gold content as inventory during the reporting period, largely in the form of floatation concentrate. These reserves will be gradually sold off in the second half of the year and will be accounted for in the group’s financial statements for 2024, the company said. 

The group’s total cash cost for H1 2024 rose by 8% compared with the previous year, reaching $423/oz.  

Source: https://www.mining-technology.com/