WOOD Flash – Polyus: 4Q19 trading update – beats production guidance by 1.5% in 2019
Polyus released its 4Q19 trading update this morning (28 January). Total gold production was up 7% qoq, despite a decline in seasonal heap leach and alluvial production, +26% yoy to 804koz. This was due to growth in output from the Olimpiada mine (+12% qoq), Blagodatnoye (+31% qoq) and Natalka (+32% qoq), which all outperformed our conservative forecasts. Full-year 2019 production of 2.84moz was 1.5% above the guidance of 2.8moz, which should be taken positively by investors, in our view. Sales volumes rose 23% qoq, to 894koz (10% above our forecast and comfortably above the production levels in the quarter). Gold revenues of USD 1,277m were up 20% qoq/+67% yoy, in line with sales growth qoq, as gold prices remained flat at USD 1,482/oz (but rose 20% yoy). Net debt at the end of 3Q19 was USD 3,285bn, down 1% qoq and 1% below our forecast.
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