Polyus
Polyus is Russia's largest gold producer and a top-10 global gold miner. It operates five active mines across Siberia and the Russian Far East, selling gold doré bars on global commodity markets to refiners, central banks, and financial institutions.
- Company typePublic
- Founded2006
- HeadquartersMoscow, Russia
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Polyus does
Polyus (PJSC Polyus) is Russia's largest gold producer and one of the world's top 10 gold mining companies by production volume. Founded in 2006 and headquartered in Moscow, the company operates five active open-pit gold mines across Eastern Siberia and the Russian Far East — Olimpiada and Blagodatnoye in Krasnoyarsk, Verninskoye in Irkutsk, Kuranakh in Yakutia, and Natalka in Magadan — supported by wholly-owned operating subsidiaries (Polyus Magadan, Polyus Aldan, Polyus Krasnoyarsk, Polyus Verninskoye, Polyus Logistics, Polyus Stroi, and Lenzoloto). In 2025, Polyus produced 2,529 thousand ounces of gold at a total cash cost of $739/oz and all-in sustaining cost of $1,437/oz, generating Adjusted EBITDA of $6,347 million.
The company recovers gold using conventional metallurgical processes — flotation, gravity concentration, and cyanide leaching — across a portfolio of ore types. Reserves are unusually long-dated, with an average mine life above 30 years, anchored by Sukhoi Log, a world-class undeveloped deposit in Irkutsk containing 43.5 million ounces of P&P reserves, alongside Chertovo Koryto (3.1 Moz) and Chulbatkan (3.0 Moz). 100% of electricity is sourced from renewable hydropower, and the group maintains a top-tier ESG profile (NCR AAA.ru credit rating; RAEX AA; ACRA ESG-AA; UN Global Compact signatory since 2019).
Polyus is publicly traded on the Moscow Exchange and the London Stock Exchange (ticker PLZL) and reports under IFRS. Revenue is generated almost entirely from producing and selling gold doré bars on global commodity markets and through direct sales to refiners, central banks, and financial institutions; the company does not set product pricing. Distribution is complemented by an active investor relations program (Polyus Finance portal, sustainability reports, ESG data packs) targeting institutional shareholders. Polyus is subject to US sanctions as a major Russian gold miner, which has reshaped its funding strategy — most visibly via a 1.6 billion yuan CNY-denominated bond placement in June 2026 — and the company distributes approximately 30% of EBITDA to shareholders via regular dividends.
Polyus firmographics
Firmographics- Name
- Polyus
- Legal name
- PJSC Polyus (ПАО «Полюс»)
- Website
- https://polyus.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Polyus is Russia's largest gold producer and a top-10 global gold miner. It operates five active mines across Siberia and the Russian Far East, selling gold doré bars on global commodity markets to refiners, central banks, and financial institutions.
- Ownership category
- akta.pro rank
Polyus industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Precious Metals Smelting & Refining (IMAKAEAE)
Keywords
Where Polyus is headquartered
LocationHeadquarters
- HQ city
- Moscow
- HQ country
- Russia
- HQ region
- Europe
Offices5 records
Markets served
Polyus business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D
Revenue model
- Gold Production and Sales: Polyus generates revenue primarily through gold mining operations, producing and selling gold. The company is Russia's largest gold producer with 2,529koz of gold produced in 2025.
Distribution channels1 record
Marketing channels4 records
Polyus product offering
Product offeringCore offering
Polyus is Russia's largest gold producer, extracting and processing gold ore from five active open-pit mines across Siberia and the Russian Far East. The company produces gold doré bars refined to international standards, generating 2,529 koz of gold in 2025 at a total cash cost of $739 per ounce. It also operates three major development projects, including the 43.5 million-ounce Sukhoi Log deposit, one of the world's largest undeveloped gold reserves.
Product overview
Polyus is Russia's largest gold producer and one of the world's top 10 gold mining companies by production volume. The company operates a vertically integrated gold mining business with five active mines (Olimpiada, Blagodatnoye, Verninskoye, Kuranakh, and Natalka) and three major development projects (Sukhoi Log, Chertovo Koryto, and Chulbatkan). In 2025, Polyus produced 2,529 thousand ounces of gold at a total cash cost of $739 per ounce and all-in sustaining cash cost of $1,437 per ounce. The company also provides sustainability and ESG services, including comprehensive reporting, environmental stewardship, and community development programs aligned with international standards.
Differentiator
Problem solved
Functional benefit
Brands
- Polyus Finance: Dedicated finance portal for investor disclosures and financial information
Products and services
- Gold doré and refined gold production Polyus produces gold doré bars from its five active open-pit mines across Siberia and the Russian Far East, refining to international standards for sale to refiners, central banks, financial institutions, jewellery manufacturers, and institutional investors on global commodity markets.
- Olimpiada Mine Flagship open-pit gold mine in Krasnoyarsk region, Eastern Siberia. Produced 926 koz of gold in 2025 (down from 1,476.7 koz in 2024 due to strategic focus on higher-grade ore processing).
- Blagodatnoye Mine Open-pit gold mine in Krasnoyarsk region, Eastern Siberia. Produced 434 koz of gold in 2025 (500.3 koz in 2024).
- Verninskoye Mine Open-pit gold mine in Irkutsk region, Eastern Siberia. Produced 271.7 koz of gold in 2025 (242.2 koz in 2024).
- Kuranakh Mine Gold mining operation in North-Eastern Siberia (Yakutia) operated by Polyus Aldan. Produced 329.7 koz of gold in 2025 (326.8 koz in 2024).
- Natalka Mine Large-scale open-pit gold mine in Magadan region, Far East Russia, operated by Polyus Magadan. Produced 567.4 koz of gold in 2025, up from 455.6 koz in 2024.
Quantifiable outcome
- 2,529koz gold produced in 2025
- +2 more outcomes
Companies that use Polyus
Customer profileSegments1 record
Ideal customer profiles1 record
Polyus technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Polyus partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- SIBURcorePolyus and SIBUR announced partnership to unite efforts for biodiversity conservation. This collaboration focuses on environmental protection initiatives in the regions where both companies operate.
Scale indicators13 records
Recent moves7 records
Expansion highlights5 records
Polyus competitors and assessment
Company assessmentBroad incumbents
- Barrick Gold: Barrick Gold is one of the top two global gold miners with diversified operations in the Americas, Africa, and the Pacific. Comparable to Polyus in pursuing low-cost, long-life, tier-one assets, and a relevant benchmark for cost discipline, ESG reporting, and reserve replacement — though at far larger scale and with multi-continent exposure.
- Newmont Corporation: Newmont is the world's largest gold mining company by production and market cap, with operations across the Americas, Australia, and Africa. A key benchmark for Polyus on cost position, ESG practices, and reserve life — though at materially larger scale and with global geographic diversification that Polyus lacks.
Direct peers
- Nordgold: Nordgold is a privately held Russian-headquartered gold miner operating nine mines across Russia, West Africa, and Kazakhstan. Closely comparable in geographic footprint, ore body types, and processing technology, though smaller (~1 Moz production) and unlisted, providing a private-market benchmark for Polyus.
- Agnico Eagle Mines: Agnico Eagle is a Canadian senior gold producer (~3.5 Moz/year) operating exclusively in tier-one jurisdictions (Canada, Finland, Australia, Mexico). Comparable to Polyus on tier-one-asset strategy, low AISC, strong ESG positioning, and 30+ year mine-life focus — though Polyus operates in a higher-jurisdiction-risk environment.
- Polymetal International: Polymetal is a London-listed gold and silver miner with major Russian (and Kazakh) operations. Directly comparable to Polyus on geography, scale (~1.5-2 Moz production), cost position, and LSE/MOEX listing — also subject to Russian sanctions. The two companies represent the closest publicly traded analogues within Russian gold mining.
- Kinross Gold: Kinross Gold is a Canadian intermediate gold producer (~2 Moz/year) with operations in the Americas, West Africa, and Russia (Kupol). Comparable to Polyus on production scale, all-in sustaining cost discipline, and exposure to Russian assets, though with greater geographic diversification.
- AngloGold Ashanti: AngloGold Ashanti is a global gold miner producing ~2.5-3 Moz/year across Africa, Australia, and the Americas. Comparable to Polyus on production scale, grade profile, and focus on long-life assets, though with broader geographic spread and stronger Western capital markets access.
- Gold Fields: Gold Fields is a major South African-headquartered gold miner with operations in South Africa, Ghana, Australia, and Chile. Comparable to Polyus in production scale (~2.4 Moz), AISC positioning, and development pipeline profile, though with diversified jurisdiction mix and stronger ESG ratings.
Emerging players
- Hochschild Mining: Hochschild Mining is a UK-listed precious metals miner producing gold and silver primarily from underground mines in Peru and Argentina. Comparable to Polyus on LSE listing and processing technologies, though smaller (~0.5 Moz gold equivalent) and silver-weighted.
- Harmony Gold Mining: Harmony Gold is a South African gold producer (~1.4 Moz/year) operating primarily in South Africa and Papua New Guinea. Comparable to Polyus on gold-only commodity focus and underground/open-pit blend, though at smaller scale and with very different cost structure and reserve base.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Polyus social profiles
Digital presencePolyus compliance and trust
Trust signalCompliance13 records
Polyus financial estimates
Financial estimateRevenue estimate
Valuation estimate
Polyus leadership team
Management profileNumber of profiles
Profiles10 records
Polyus subsidiaries and ownership
Company hierarchySubsidiaries7 records
Polyus funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Polyus M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Polyus
What does Polyus do?
Polyus is Russia's largest gold producer, extracting and processing gold ore from five active open-pit mines across Siberia and the Russian Far East. The company produces gold doré bars refined to international standards, generating 2,529 koz of gold in 2025 at a total cash cost of $739 per ounce. It also operates three major development projects, including the 43.5 million-ounce Sukhoi Log deposit, one of the world's largest undeveloped gold reserves.
Is Polyus a public or private company?
Polyus is a public company. It is classified as public and is currently operating.
When was Polyus founded?
Polyus was founded in 2006. It employs 5,001 to 10,000 people.
Where is Polyus based?
Polyus is headquartered in Moscow, Russia, in the Europe region.
How does Polyus make money?
One revenue line is on record: gold Production and Sales.
Who are Polyus's main competitors?
Broad incumbents on record are Barrick Gold and Newmont Corporation. Direct peers are Nordgold, Agnico Eagle Mines, Polymetal International, Kinross Gold, AngloGold Ashanti and Gold Fields. Emerging players are Hochschild Mining and Harmony Gold Mining.
Does Polyus have an API?
No public API is recorded for Polyus.
What industry is Polyus in?
Polyus's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAE, Precious Metals Smelting & Refining. Its NAICS code is 212220 and its SIC code is 1040.