History
2024: Sale of ZDK "Lenzoloto" to a group of investors from Russia
In mid-April 2024, the gold mining company Polyus announced the sale of Lenzoloto to a group of investors from Russia whose names were not disclosed. The value of the deal has also not been announced.
The seller in this transaction was Polyus Krasnoyarsk JSC. It sold all its shares in the Gold Mining Company Lenzoloto JSC. We are talking about ZDK Lenzoloto, which consolidates the group's placer assets, while PJSC Lenzoloto remains with Polyus and will retain the listing on Mosbirge.
 | This transaction is the next stage in the implementation of our operational strategy and will allow us to concentrate on the development of Polyus' largest open-pit gold mining projects. This is especially true now, in connection with the planned start of the development of the Sukhoi Log, - said Alexey Vostokov, General Director of Polyus PJSC, commenting on the sale of Lenzoloto. |  |
According to the analyst of Veles Capital Vasily Danilov, the market value of ZDK Lenzoloto is $320-450 million excluding debts.
| | However, we do not know how much debt the buyer took on, so we cannot yet speak with confidence about the amount of funds that will directly go to Polyus accounts following the transaction, the analyst told Interfax. | |
According to Polyus, Lenzoloto, which develops a number of gold-bearing placer deposits in the Bodaibo district of the Irkutsk region, produced 103 thousand ounces of refined gold in 2023 at a cash cost (TCC) of $1,168 per ounce (for comparison, the average TCC of Polyus in 2023 amounted to $389 per ounce). Polyus itself is one of the five largest gold mining companies in the world in terms of production and is one of the world leaders in gold reserves. By April 2024, the group's main production facilities are located in Siberia and the Far East: in the Krasnoyarsk Territory, Irkutsk and Magadan Regions, as well as the Republic of Sakha (Yakutia).[1]
Notes
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