Fitch Ratings revises Outlook on Polyus to Positive and reaffirms 'BB' Rating
|Los Filos mine. Image credit: Equinox Gold.|
(Kitco News) - Polyus (LSE, MOEX - PLZL) informes that Fitch Ratings has revised its outlook on Polyus to Positive from Stable and reaffirmed the company’s ’BB’ Rating.
In assigning Polyus a ‘Positive’ Outlook, Fitch noted the company’s sizeable gross debt reduction during 2020 as a result of solid operating performance and pro-active refinancing amid current gold prices.
Fitch also highlighted the company’s leading cost position and strong business profile, which is expected to be enhanced following Sukhoi Log development.
Polyus is the world’s fourth-largest gold mining company by production volumes and one of two gold miners with the largest attributable gold reserves. The company demonstrates the lowest production costs among major global gold producers. Its principal operations are located in Siberia and the Russian Far East: Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).