Pavel Grachev, Chief Executive Officer of Polyus Gold, commented:
"We are satisfied with the operational results of the Group for Q1 2015 which saw a 6% production growth in comparison with Q1 2014.
During the quarter we continued to work on our key projects and improve our operational performance. Stripping works at Olimpiada continued as planned and are set to be completed by the year end. Further progress was achieved on the recovery front at Olimpiada and Verninskoye thanks to the continued management efforts and further efficiency gains.
I am pleased to highlight our strong financial position, which we were able to strengthen during Q1 by generating solid free cash flow. Thus, our net debt declined by 31% from $327 million to $224 million.
We reaffirm our target to produce 1.63-1.71 million ounces of gold in 2015".
Link to full announcement
Conference call information
Polyus Gold will host an analyst conference call today at 3 pm London time to present and discuss the Q1 2015 operating results.
To join the conference call, please dial:
UK toll free 0808 237 0060
UK International +44 (0) 20 3426 2886
USA toll free 1877 841 4559
Russia toll free 8108 00206 85011
A replay of the conference call will be available from 4 pm London time on April 27 2015, for the duration of 30 days.
To access the replay, please dial:
UK toll free: 0808 237 0026
UK International: +44 (0) 20 3426 2807
Access number: 656858#
Enquiries:
Investor contact
Sergey Krivokhizhin, Director Investor Relations
+44 (0) 203 713 42 90 [email protected]
Media contact
Artem Gorbachev, Press Secretary
+44 (0) 203 713 42 90 [email protected]
Link to full announcement
This announcement may contain "forward-looking statements" concerning PGIL. Generally, the words "will", "may", "should", "could", "would", "can", "continue", "opportunity", "believes", "expects", "intends", "anticipates", "estimates" or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of PGIL's operations. Many of these risks and uncertainties relate to actors that are beyond PGIL's ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. PGIL assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.