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Company Overview
Polyus Gold (Open Joint Stock Company, OJSC) is the leading gold producer in Russia and the only Russian company among the world’s largest gold producers. The company was formed in March 2006 as a result of the spin-off of MMC Norilsk Nickel’s gold mining assets. The company’s shares are traded on Russian Trading System, and Moscow Interbank Currency Exchange, as well as on the New York’s over-the-counter stock exchange, and the London Stock Exchange as American Depositary Receipts. Headquartered in Moscow, the company’s operating mines and development/exploration projects are located in five major gold mining regions of Russia – Krasnoyarsk, Irkutsk, Magadan, Amur regions and the Republic of Sakha (Yakutia).
Polyus Gold’s principal activities are the extraction, refining and sale of gold. The company’s gold production in 2006 totaled 37.8 tons (1,215 k oz). The company’s P&P reserves (JORC) as of January 2006 amount to 50.8 m oz., based on the Inpedendent Expert’s Report evaluation made by Micon International. The company’s Russian reserves as listed by the State Committee of Reserves (GKZ Rosnedra) at January 2007 amount to 3,000.7 tons of balance B+C1+C2 reserves, including 2,149 tonnes of Russian B+C1 reserves.
Polyus Gold owns 100% of its operating subsidiary, ZAO (CJSC) Polyus which holds blocks in the following companies: OJSC Lenzoloto (68,2%), Lenskaya Gold Mining Company, LZRK (100%), OJSC Matrosov Mine (93,3%), OJSC Aldanzoloto GRK (100%), OJSC South-Verkhoyansk Mining Company, SVMC (100%) and OJSC Yakut Mining Company (100%).
Business Summary
The principal activities of the Company and its subsidiaries (the ‘Group’) are the extraction, refining and sale of gold. Mining and processing facilities of the Group are located in Krasnoyarsk and Irkutsk regions and Sakha Republic of the Russian Federation. The Group also performs research and exploration works, primarily at Natalka field located in Magadan region.
Description and history
The Company was incorporated in Moscow, Russian Federation on March 17, 2006. It was formed as a result of a spin-off by OJSC ‘Mining and Metallurgical Company ‘Norilsk Nickel’ (‘Norilsk Nickel’) of its gold mining business comprising Closed Joint Stock Company ‘Gold Mining Company Polus’ (CJSC ‘Polus’) and its subsidiaries. In connection with the spin-off Norilsk Nickel contributed into the Company 100% of the Company’s shares and cash in the amount of USD 360,197 thousand. The ultimate controlling shareholders of the Group are Mr. Vladimir Potanin and Mr. Mikhail Prokhorov.
CJSC ‘Polus’ was incorporated in Severo-Eniseisk, Krasnoyarsk region, Russian Federation on September 30, 1999. During 2004, the CJSC ‘Polus’ acquired a controlling shareholding in OJSC ‘Lenzoloto and OJSC ‘Matrosov Mine’ and incorporated a wholly owned subsidiary Limited Liability Company ‘Lenskaya Zolotorudnaya Company’. During 2005, the CJSC ‘Polus’ acquired controlling shareholding in OJSC ‘Aldanzoloto GRK’, OJSC ‘Yakutsk Mine Company’ and obtained control over OJSC ‘South Verkhoyansk Mining Company’.
On December 31, 2003 and 2002, the CJSC ‘Polus’ had 123 authorized, issued and fully paid ordinary shares with a par value of RUR 400 and 120 issued and fully paid preference shares with a par value of RUR 100. Ordinary and preference shares have voting rights. Preference shares are freely convertible to ordinary shares. In 2004, the CJSC ‘Polus’ issued 50 additional ordinary shares for a total consideration of USD 498,818 thousand. In 2005, it issued 125 additional ordinary shares for total proceeds of RUR 36,616,855 thousand (USD 1,299,745 thousand). On December 31, and June 30, 2005, issued and fully paid share capital of CJSC ‘Polus’, consisted of 299 ordinary shares at par value of RUR 400, and 120 preference shares at par value of RUR 100. All of the ordinary and preference shares of CJSC ‘Polus’ were owned by Norilsk Nickel.
On June 30, 2006, authorised, issued and fully paid share capital of the Company comprised 190,627,747 ordinary shares at par value of RUR 1.

Formed as a result of the spin-off of MMC Norilsk Nickel’s gold mining assets

Business Line
Extraction, refining and sale of gold
IPO date
Company Address
Building 1
15, Tverskoy blvd.
City province or state postal code
123104, MOSCOW
Phone: +7 095 641 3377
Fax: +7 095 785 4590
Website url: www.polyusgold.com