The eighth largest global gold producer, with the fourth largest gold reserves, has announced its latest price offering on the London and Moscow stock exchange, with a market cap of an estimated $8,882 million.
Polyus, the largest gold producer in Russia, announced the decision earlier this week.
Pavel Grachev, Polyus's Chief Executive Officer, commented:
“We are most pleased with the level of support and interest Polyus has received from the investment community. I am delighted to welcome our new shareholders onto the register, who comprise a broad range of investors. We had nearly 100 investment funds participating in the transaction, representing some of the largest names on the market, including emerging markets and sector specialists.
The Company remains narrowly focused on the shareholder value creation and is well placed to build on its position as one of the largest and lowest cost producers of gold globally with a clear strategy for long term, sustainable growth and an attractive dividend profile.”
Who is Polyus?
The Russian based gold producer has seven operating mines across the country, including Olimpiada, Blagodatnoye, Titimukhta, Vertninskoe, Alluvials and Kuranakh.
The company also has a number of other projects, both developments and explorational.
Out of all of the company’s operations, the Olimpiada operation is by far the largest producer of gold, producing in excess of 900 koz in 2016 alone.
At 64 million ounces, at a 1.8 g.t grade, Polyus has the fourth largest proven and probable reserves of gold in the entire world.
Polyus is led by Chair and Independent Director Edward Dowling, who’s mining experience spans 30 years, working with major mining operators including De Beers, Meridian Gold and Cliffs Natural.