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Polyus Gold Investor update May 2011

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Polyus Gold Investor update May 2011

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    1. […], thank you for the introductory note. […], thank you for the introductory note.

    3. Good afternoon ladies and gentlemen. I believe I should start my presentation with a brief overview of the company, then followed by 2010 operating results analysis and execution of the projects. Good afternoon ladies and gentlemen. I believe I should start my presentation with a brief overview of the company, then followed by 2010 operating results analysis and execution of the projects.

    4. In 2010 Polyus produced 1.4 moz of gold and thanks to the gold price its revenue reached USD 1.7 bln. In addition, against to escalating inflation we saved our profitability level and our EBITDA exceeded USD 700 million. We operate 9 hard-rock mines in Russia and Kazakhstan. Two other mills are under construction. With the help of this arsenal we plan further increase in production in 2011 up to 1.5 moz. Our mineral reserves base reached 78.2 m oz. The company has USD 0.5 billion on the balance, which secures us to execute an ambitious investment programme as well as to follow the adopted dividend policy.In 2010 Polyus produced 1.4 moz of gold and thanks to the gold price its revenue reached USD 1.7 bln. In addition, against to escalating inflation we saved our profitability level and our EBITDA exceeded USD 700 million. We operate 9 hard-rock mines in Russia and Kazakhstan. Two other mills are under construction. With the help of this arsenal we plan further increase in production in 2011 up to 1.5 moz. Our mineral reserves base reached 78.2 m oz. The company has USD 0.5 billion on the balance, which secures us to execute an ambitious investment programme as well as to follow the adopted dividend policy.

    14. After successful launch of Blagodatnoe the Company and its construction team is fully involved in Verninskoe project. The deposit is located in the Bodaibo district of the Irkutsk region, 20 km from Zapadnoye deposit and 140 km from Bodaibo. On February 14, 2011 the Company announced reviewed JORC figures and according to the new audit 2P reserves of Verninskoe equal to 5.8 moz. The Company plans to construct 2.2 mtpa plant, which should normally produce 180 koz per annum on the LOM basis. We expect to commission the plant in the 4Q2011.After successful launch of Blagodatnoe the Company and its construction team is fully involved in Verninskoe project. The deposit is located in the Bodaibo district of the Irkutsk region, 20 km from Zapadnoye deposit and 140 km from Bodaibo. On February 14, 2011 the Company announced reviewed JORC figures and according to the new audit 2P reserves of Verninskoe equal to 5.8 moz. The Company plans to construct 2.2 mtpa plant, which should normally produce 180 koz per annum on the LOM basis. We expect to commission the plant in the 4Q2011.

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