Polyus

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.

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

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

• Gold mining operations
• Gold ore processing
• Precious metals extraction
• Open-pit mining
• Gold doré production

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. 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

Core 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

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• SIBURcoreStrategic or Co-development Partner · 4 June 2026Polyus 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

Broad 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

• Xx.com/PAO_Polyus
• LinkedInlinkedin.com/company/polyus-gold

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Polyus