Polyus TCC in 2016 expected to be $400 per ounce
MOSCOW. June 28 (Interfax) - Total cash costs (TCC) of Polyus in 2016 are expected to be around $400 per ounce, a review by ING said following a meeting with the gold miner's top management.
Polyus TCC in 2015 were $424 per ounce of gold, with all-in sustaining costs (AISC) at $610 per ounce.
The forecast for production in 2016 has remained the same, between 1.76 million-1.8 million ounces of gold, according to ING materials. A review by Aton said this was the upper range.
Capex in 2016 is expected to be around $650 million, including $300 million at the Natalka gold field located in the Magadan Region, according to ING. In 2017 investments are also expected in the range of $600 million-$650 million.
The total amount of investment needed to finish the construction of Natalka is estimated at $600 million.
Overall debt of Polyus on May 1 was estimated at $4.887 billion, of which 51% on a Sberbank credit. In 2016, a total of $29 million needs to be paid back, $259 million in 2017, $420 million in 2018, $742 million in 2019, $772 million in 2020 and the rest in 2021 and later.