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Russian gold miner Polyus goes 100% renewable - first among peers

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(Kitco News) - Russian gold mining company Polyus (LSE, MOEX: PLZL) announced today that the group has acquired I-REC green certificates to offset emissions from the remaining share of Polyus’ energy consumption not yet directly met by renewable energy sources.

The company noted that this - combined with the large-scale hydropower supply contracts the company signed earlier - means Polyus now covers 100% of its electricity demand with renewable energy.

The certificates acquired by the group for 1Q 2021 represent a total of 303.5 GWh produced from renewable energy sources.

Polyus pointed out that the company has now become the first major gold mining company globally to cover all of its electricity needs with renewable energy sources.

CEO Pavel Grachev said it hopes that both Russian and international peers will be encouraged to follow the company’s lead in supporting the advancement of renewables.

Polyus is the world’s fourth-largest gold mining company by production volumes and the largest gold miner in terms of attributable gold ore 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).

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