Polyus gold, Russia's largest producer of the metal, reported first-quarter net profit down 51 percent at $244 million, hit by reduced foreign exchange gains and other non-cash items.
Polyus Gold Mining News
The next few years will likely see the biggest shake-up of gold mining's top tier in a decade.
Russian miner posts another quarter of record production on the way to 2.8m ounces in 2019 as its $2.2 billion Natalka mine ramps up.
First discovered in 1961, Sukhoi Log in eastern Russia holds 62.8 million ounces of gold.
Russia’s biggest gold producer plans to sell 7% equity stake
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
The top 10 ranking of the lowest all-in cost gold mines in the world – former US president Herbert Hoover was once in charge of no. 8 on the list.
Major producers are cutting down production as they postpone or sell off costly operations.
Gold production in the province of Irkutsk Russia, in January-November 2011 increased by 11.9% YoY to 18.506 metric tons, the local government said.
Polyus Gold may consider an expansion of production facilities at the Kuranakh gold deposit in Yakutia in 1Q 2013, the company's CEO German Pikhoya said during a conference call.
Russia's Polyus Gold and Norilsk Nickel have expressed interest in developing gold reserves in Kyrgyzstan, a Russian official said.
Onexim Group, owned by billionaire Mikhail Prokhorov has confirmed through a filing to the London Stock Exchange that the company is in talks with two potential buyers to sell part or all of its stake in Polyus Gold.
CEO German Pikhoya says he hopes the premium listing in London will happen in the near future after the gold miner sold stakes to China's CIC and Russia's VTB bank this week.
Bloomberg reported that after its reverse takeover is complete, OAO Polyus Gold will be valued at $12.7 billion. The market news is quoted as saying: Billionaire Suleyman Kerimov’s Nafta Moskva will own 37.9 percent of Polyus Gold International, 8.2 percent will be held by Polyus’ unit Jenington, and the public float will account for 17.6 percent, KazakhGold said.
Russia's top gold digger said it produced 323,000 ounces of the yellow metal in Q1, 60% more than the same period the year before Russia's top gold producer Polyus Gold (PLZL.MM: Quote) said on Wednesday its output in the first quarter of this year was
Russia's biggest gold miner Polyus Gold (PLZL.MM: Quote), KazakhGold KZJq.L and the Assaubayev family have settled all legal claims brought against the Assaubayevs, all parties said on Monday.