Russian gold miner Polyus said it was investing in a new generation of projects, after posting record earnings, boosted by strong gold prices and higher output from the full ramp-up of its Natalka deposit in Russia’s Far East.
Polyus, Russia’s largest gold producer, said its full-year adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at a record $2.7-billion, up 44% on the previous year.
Fourth-quarter adjusted EBITDA rose 25% compared to the previous quarter, reaching $883-million, driven by higher sales.
The company’s overall gold output in 2019 rose 16% year-on-year to 2.8-million ounces.