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Fitch affirms Polyus Gold at 'BBB-'; outlook stable

Fitch Ratings has affirmed UK-based Polyus Gold International Limited (Polyus Gold) Long-term Issuer Default Rating (IDR) to 'BBB-'. The Outlook is Stable, the rating agency informed.

The affirmation of the rating reflects the company's resilient financial performance despite a weak market environment as well as its prudent management approach to ensure stable production growth while protecting its credit profile.

Latest estimates (June 2013) of Polyus Gold's proved & probable reserve base amounted to 83.12moz, making it the third-largest among global gold producers. With an annual production of 1.65moz in 2013 this implies more than a 50-year lifespan of its operations, well above the gold industry's average levels. The above-average quality of Polyus Gold's reserves is supported by a fairly high average gold grade of 1.97g/t compared with the industry's average of 1.5g/t.

Polyus Gold reported total cash costs (TCC) of USD707/oz in 2013, only 1% up yoy due to rigorous cost control, improved recoveries and lower stripping costs. All of Polyus Gold's operations are open pit, a significant operational advantage compared with underground mining.

Polyus Gold International is the largest gold producer in Russia and one of the top 10 largest gold mining companies worldwide. The company has the third largest reserves in the world (proven and probable reserves under international standards of more than 83 million ounces).

The main facilities of Polyus Gold are located in the mining regions of eastern Siberia and the Russian Far East and include 5 active mines, gold deposits and a series of projects in the construction and development phase.

IFRS net profit of Polyus Gold International Limited for 2013 dropped 6.77 times to $143.001 million from $965.104 million for 2012. Revenue decreased by 13.1% to $2.329 billion from $2.68 billion, adjusted operating profit by 42.73% to $693.526 million from $1.211 billion, EBITDA by 30.16% to $910.076 million from $1.303 billion. EBITDA margin was 39% against 49% the year before

"AK&M", 04.07.2014 14:08


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