Polyus Gold

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Polyus Gold
Public
Traded as LSEPLZL;MCXPLZL
Industry Materials science and engineering
Mining
Headquarters Moscow, Russia
Key people
Pavel Grachev CEO
Products Gold
Revenue IncreaseUS$2.458 billion (2016)
IncreaseUS$952 million (2016)
Owner Said Kerimov (82.44%)
Website www.polyus.com

Polyus is Russia’s largest gold producer and is one of the world’s largest top 10 gold mining companies globally by output (1.97 million ounces of gold production in 2016).[1] It is headquartered in Moscow and is listed on both the Moscow and London Stock Exchanges.[2]

Polyus’ principal operations are located in Russia’s Eastern Siberia and the Far East. The company’s portfolio of assets are located in Krasnoyarsk, Irkutsk, Magadan regions and the Sakha Republic (Yakutia).

History[edit]

Polyus was founded in March 2006 as a spin off from Norilsk Nickel’s gold assets.[3] Norilsk Nickel transferred all JSC Polyus shares, in addition to a cash contribution of RUB 10 billion (approximately US$360 million at the time), to PJSC Polyus, a newly formed Russian open joint stock company.[4]

In May 2006, shares of PJSC Polyus were admitted to listing and trading on the RTS and MICEX stock exchanges (both of these later merged to form the Moscow Exchange in 2011).

In July 2006, PJSC Polyus established a Level I American depositary receipt (ADR) programme, and in December 2006, the ADRs were listed on the Official List of the London Stock Exchange and admitted to trading.[5]

In 2009, Russian businessman Suleyman Kerimov bought a 37% stake in Polyus Gold from Vladimir Potanin.[6]

Following a reverse takeover deal in 2011, Kazakhstan's KazakhGold became the parent company of Polyus Gold and changed its name to Polyus Gold International Limited, increasing its total interest in the share capital of PJSC Polyus to 92.95% and acquiring ADRs representing 2.36% of PJSC Polyus.

In 2012 the entire issued share capital of Polyus Gold International Limited was admitted to the Premium Listing Segment of the Official List of the London Stock Exchange. In 2014 the Company was admitted to trading on the main market of the Moscow Exchange.[7]

In 2015 minority shareholders of Polyus Gold International Ltd agreed to sell almost 59% of the Company to the family of billionaire Suleyman Kerimov, as part of a move to take Russia's largest bullion producer private.

On 3 December 2015, Polyus Gold International Limited announced the delisting of its shares from the London Stock Exchange.[8] PJSC Polyus became the principal holding company.

2015 - today:

In 2016 the Company completed the purchase of its ordinary shares from shareholders, as part of share buyback transactions for a total consideration of US$3,218 million. In the same year, PJSC Polyus' listing was upgraded on the Moscow Exchange to the First Level. Following the 2016 AGM the Company changed its name to Polyus.

In 2016-2017 Polyus raised $1.3bn in two eurobond issuances.

In May 2017, Fosun International Limited (HKSE: 00656) announced that it had entered into an agreement to purchase a 10% share in Polyus Gold International Limited, with an option to acquire an additional 5% stake.[9]

On 5 June 2017, two years after delisting, Polyus announced its intention to return to the London Stock Exchange. Polyus’s shares were re-admitted to trading on the London Stock Exchange (ticker: PLZL) on 5 July 2017.[10] The total size of the offering on the London and Moscow stock exchanges was $858 million, which amounted to 9.7% of the share capital. Following the completion of the transaction, Said Kerimov’s remaining stake in the Company is equal to 82.44%.[11]

Operations[edit]

Polyus increased its gold production by 19% between 2014 and 2016. The company holds the world’s second largest gold reserves with 71 million ounces of proven and probable gold reserves and the third largest mineral resource base globally with 193 ounces of gold.[12]

References[edit]

  1. ^ "Trading update for 4Q and 12M 2016 — Polyus". www.polyus.com. Retrieved 2017-08-09. 
  2. ^ "Russia's Polyus returns to London, UK investors take half of share offer". Reuters. 2017-06-30. Retrieved 2017-08-09. 
  3. ^ http://www.nornik.ru/_upload/editor_files/file0083.pdf
  4. ^ "Norilsk Nickel Creates a New Global Gold Major — Polyus". polyus.com. Retrieved 2017-08-09. 
  5. ^ Bream, Rebecca (2006-12-18). "Polyus looks to Western merger". Financial Times. ISSN 0307-1766. Retrieved 2017-08-09. 
  6. ^ "Sale of Polyus-Gold stake to billionaire Kerimov approved - News". russianpartner.biz. Retrieved 2017-08-09. 
  7. ^ http://fs.moex.com/emidocs/2014/12/23/911254_ENG_Admission%20to%20Trading%20on%20Moscow%20Exchange.pdf
  8. ^ Editorial, Reuters. "Russia's Polyus Gold announces delisting of shares on LSE". Reuters UK. Retrieved 2017-08-09. 
  9. ^ "Subscribe to read". Financial Times. Retrieved 2017-08-09. 
  10. ^ Devitt, Polina. "Russia's Polyus tests markets with London and Moscow share sales". Reuters UK. Retrieved 2017-08-09. 
  11. ^ "M&A: Said Kerimov's PGIL reduces stake in Polyus to 82.4%". www.akm.ru. Retrieved 2017-08-09. 
  12. ^ "Ore Reserves and Mineral Resources Update — Polyus". www.polyus.com. Retrieved 2017-08-09. 

External links[edit]