Russia's Polyus reports gold production decline in 2022, expects higher output in 2023 gold mining Russia
- Polyus, Russia’s largest and a major gold producer globally, reported today that its total gold output in 2022 was 2,541 thousand ounces, down 6.5% compared to 2,717 thousand ounces produced in 2021.
Polyus explained that management intentionally decided to downscale excavation volumes versus the initial mining calendar accounting for elevated risks of potential disruptions in supply chains for spare parts and mining equipment. Another reason for lower gold production in 2022 was an anticipated decrease in head grades at Blagodatnoye and Natalka.
The year-on-year increase in production is expected to be mainly driven by higher grades in ore processed at Olimpiada since Polyus will be mining rich gold-bearing zones of the Vostochny pit.
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