RE: Sanctions/delisting14 Mar 2022 13:54
Operations
Polymetal operations in Russia and Kazakhstan continue undisrupted. In 2021, Kazakhstan operations generated 43% of the Group's Adjusted EBITDA and 48% of its net earnings. Kazakhstan operations represent 40% (12 Moz) of Polymetal's gold equivalent reserves. Group's scope of operational activities and production guidance remain stable. The Company is reviewing non-essential capital projects in order to preserve liquidity and minimize risk. The management specifically notes that POX-2, Urals Flotation, Kutyn, and Prognoz projects are not subject to review and their execution will continue as previously planned.
Sale of bullion/concentrate
Sales of bullion and concentrate from Kazakhstan continue as usual. In Russia, Polymetal sells silver concentrate from Dukat (sold mainly to Kazakhstan as well as East Asia) and refractory gold concentrate from Mayskoye and Nezhda (sold to China and Kazakhstan). The Company received assurances from off-takers that all existing contracts continue in good standing.