London Stock Exchange welcomes Polyus to the Main Market
London Stock Exchange today welcomes Public Joint Stock Company Polyus ("Polyus" or the “Company”), Russia’s largest gold producer, to the Main Market.
Polyus joins the London Stock Exchange having successfully raised $400 million in primary proceeds and $399 million in secondary proceeds. The Company’s shares are also traded on the Moscow Exchange.
Polyus ranks second by gold reserves and third by resources among the world’s largest gold miners.
The Company has a leading organic growth profile and is one of the lowest cost producers globally. In February 2017, Polyus was granted a license to develop the Sukhoi Log deposit, one of the world’s largest greenfield projects. Having achieved sustained production growth since 2013, Polyus anticipates a further increase in output by 2019 that will significantly improve its position among the world’s largest gold miners.
Going forward, the company will remain focused on operational excellence and prudent cost control whilst maintaining best in class health and safety and corporate governance standards.
Edward Dowling, Chairman of the Board of Polyus, commented:
"We are delighted to be welcomed to the London Stock Exchange today as the company begins trading of its global depository receipts. The London Stock Exchange remains a key platform to access global sector specialist investors. We were very pleased with the significant level of demand that we received from a broad range of highly regarded international investment institutions from the UK, Continental Europe, the USA and other regions.
"I welcome our new shareholders. We remain fully committed to creating value for all stakeholders, whilst maintaining the highest standards of corporate governance, and look forward to extending this opportunity to new investors through the London listing.”
Pavel Grachev, Chief Executive Officer of Polyus, commented:
"Russia’s largest gold producer has returned to the London market. Polyus’ offering has become the biggest Russian share sale with international marketing since 2014 and the first share placement in London from Russia since 2014. We are very pleased with the level of support the company has received during this transaction as not only the placement itself, but the quality of investors, was important to Polyus.
"The success of this placing is clear recognition of Polyus’ leading position and prospects. Today our company is in the top-3 global gold miners by reserves and resources and one of the lowest cost producers in the world, with a track record of operational excellence, a leading organic growth profile and an attractive dividend policy.
"We are committed to value creation for all stakeholders which will be achieved through executing our strategy of delivering long term, low cost, sustainable growth.”