In 2009, revenues Polyus Gold rose to $ 1.204 billion

According to preliminary estimates, revenues Polyus Gold "in 2009 amounted to $ 1 204 million compared with $ 1 062 million in 2008. Average sales price, according to preliminary estimates, was $ 974 per ounce of gold, compared with $ 867.3 in 2008.

According to preliminary estimates, EBITDA of the company in 2009 amounted to about $ 510 - 540 million, compared with $ 436 million in 2008. Thus, EBITDA margin rose to 44%. Total cash costs (TCC) in the reporting year, we estimate grew by only 5.6%, significantly below the expected level of inflation in Russia. Thus, TSS is expected at $ 410-420 per ounce of metal, compared with $ 392 per ounce in 2008, the company says.

According to preliminary estimates, total capital expenditures in 2009 amounted to about $ 326 million Most of the capital costs (about 47%) accounted for the largest investment project of the group - building Blagodatninskogo mine in Krasnoyarsk region. In addition, a considerable amount of money was spent on exploration program (about 12%). About 12% of the total budget was spent on upgrading at Olimpiada GOK. In the past year, work continued on the modernization Kuranahskogo mine (about 3%), to increase the capacity of the factory to 4.5 million tonnes of ore per year.

In addition, work continued in the rest of the key projects of the group - Natalka (more than 7%), Titimukhta (about 5%), Verninskoe (about 5%). One of the key events of the past year was the acquisition of 50.1% stake KazakhGold Group Limited, which is one of the leading gold producers in Kazakhstan, and have enormous potential for further growth. Currently, the group continues to develop a new long-term development strategy for the assets KazakhGold, and expects that the strategy will be brought to market in February 2010. At the same time investments in the modernization of production capacities of enterprises KazakhGold and conducting exploration work in the Republic of Kazakhstan in the last five months of 2009 amounted to approximately $ 7 million

In 2009, he has successfully launched yet another project group in the long-term development program - the organization of gold mining production from the field Titimukhta in the Krasnoyarsk Territory. Upgrade ZIF-1 Olimpiada GOK under processing ores Titimukhta was completed by early 2009. Since the stock of ore reserves of ore processing plant remained similar to the characteristics of ore (oxide ores Olimpiada deposit, ore m HART), the capacity of the mill-1 were used for the processing of these ores in the first months of the year. The factory was processing ore Titimukhta in the second quarter of 2009. During the second half of last year continued debugging technology ZIF-1. The volume of production of metal from ore deposits Titimukhta in 2009 was 39 million ounces.
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