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About the company Polus

Security page

Polyus is the largest gold mining company in Russia and one of the largest in the world by reserves. Its deposits are located in Krasnoyarsk Krai, the Irkutsk and Magadan regions, and Yakutia. The shares trade on the Moscow Exchange under the ticker PLZL.

What the company does

The business is simple to describe and hard to execute: the company mines ore, extracts gold from it and sells the metal at the world price. It has no control over the price at all — which means the only lever for managing profit is the cost of producing an ounce.

Here the company has a structural advantage: the gold grade of the ore at its key deposits is above the industry average, and mining is done by the open-pit method — from a pit, not an underground mine. In terms of all-in costs per ounce, Polyus consistently ranks among the lowest-cost producers in the world.

The main growth project is the development of one of the largest undeveloped gold deposits on the planet. It is capable of doubling production, but requires many years of investment before the first ounce.

Business lines

  • Operating mines

    Open pits and processing plants in Krasnoyarsk Krai, the Irkutsk and Magadan regions, and Yakutia.

  • Alluvial mining

    Gold mining from alluvial deposits — historically the first line of business in the industry.

  • Growth projects

    Development of a large undeveloped deposit capable of increasing production significantly.

History

  1. 2006The gold mining assets were spun off from a mining and metals group into a standalone company.
  2. 2017Share offering in Moscow and London.
  3. 2020-еA bet on developing a large deposit as the main project of the next decade.
  4. 2023A large buyback of the company's own shares, which noticeably changed the capital structure.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

  • Mining costs are among the lowest in the industry — profit holds up even when the price of the metal is weak.
  • Enormous reserves that secure operations for decades.
  • Gold acts as a safe-haven asset: its price often rises just when everything else is falling.

Weaknesses

  • The result is determined entirely by the world gold price, which the company does not influence.
  • The development of Sukhoi Log requires many years of large investment before the first return.
  • Sanctions have made sales and access to equipment more difficult.

Opportunities

  • Gold traditionally rises in price during periods of instability and high inflation.
  • A large growth project is capable of increasing production volume significantly.
  • Low production costs keep the business profitable even when the price of the metal falls.
  • A weaker rouble increases rouble revenue while the price of an ounce is set in dollars.

Threats

  • The gold price is not controlled by the company and can decline for years.
  • Large projects require investment long before the first revenue and are sensitive to timelines.
  • Sanctions restrictions complicate sales of the metal and access to equipment.
  • Mining in remote regions means expensive logistics and dependence on seasonal supply deliveries.

Frequently asked questions

What does Polyus do?

It mines gold-bearing ore, extracts gold from it at processing plants and sells the metal. It is the largest gold miner in Russia.

Why does Polyus have low mining costs?

Because of the quality of its deposits: the gold grade of the ore is above the industry average, and mining is done by the open-pit method — from a pit. Underground mining, all else being equal, is noticeably more expensive.

What does the profit of a gold mining company depend on?

On three variables: the world gold price, the rouble exchange rate and the company's own production costs. The company does not control the first two, so competition in the industry is above all about low costs per ounce.

Information as of 20 August 2026

Business description and risk factors. Not investment advice.

Issuer profile

What the company does

The company is classified under the «Metals & mining» sector, using the taxonomy we apply when comparing securities with one another.

The same sector holds 27 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.

The company is registered in Russia and identified in regulatory disclosure by tax number 7703389295. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.

Listed securities

The issuer has 12 securities listed: 1 share class, 11 bond issues. All are shown on this page, including those trading in different modes and different currencies.

Across Moscow Exchange quotation list levels the securities split as follows: 10 at level 1, 1 at level 2, 1 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 24 August 2027 and the farthest on 16 June 2033. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A107PA7, with a face value of 11,246.90 ₽ per bond, maturing on 20 July 2029. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.

Dividend history

Between 2017 and 2026 the issuer made 15 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.

The most recent payout was 49.78 ₽ per PLZL security (6 months 2026) with a record date of 13 October 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.

Financial statements

The most recent annual report we hold is for 2025 under IFRS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.

Revenue for 2025 was 712.80B ₽.

That is 2.6 % more than in 2024, when revenue was 694.80B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.

Net income for 2025 was 314.20B ₽.

Of every unit of revenue, 44.1 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.

Equity stands at 271.90B ₽ against total assets of 1.25T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.

This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.

Securities of this issuer

Shares1

Bonds11