PJSC Polyus (LSE, MOEX — PLZL) (“Polyus”, the “Company”), in cooperation with the Far East Development Fund (“FEDF”), will co-found a fund to finance activities aimed at preventing the spread of COVID-19 in the Russian Far East.
The size of the fund is expected to reach RUB 1 billion, reflecting donations from different parties.
FEDF and Polyus will donate a total of RUB 250 million under the first tranche which will be used to finance initiatives to help prevent the spread of the virus. A portion of the first tranche will be allocated to the Magadan region and Yakutia, Polyus’ principal regions of operations in the Russian Far East, and will be utilized for the procurement of personal protective devices and medical equipment for local hospitals. The remaining portion of the first tranche will be directed to all other regions of the Far Eastern Federal District.
It is expected that the remaining RUB 750 million will be raised from non-budgetary sources. Other large companies operating in the region or carrying out investment programmes in the Far East have been invited to participate in the programme.
Pavel Grachev, Chief Executive Officer of PJSC Polyus, commented:
It is critical that everyone comes together to fight the global pandemic. As one of the largest companies operating in the Far East, it is Polyus’ duty to prepare the region for a possible COVID-19 outbreak. The safety of thousands of our employees and their families is our absolute priority. In cooperation with our partners in the Far East and at the federal level, we will do everything we can to help the region overcome this challenge.
Alexei Chekunkov, Chief Executive Officer of the Far East Development Fund, commented:
It is crucial that private businesses, state institutes and regional authorities combine their efforts to protect the life and health of our citizens. We hope that other companies will join this initiative. I am sure that acting together, we can handle any difficulties.
Polyus is the largest gold producer in Russia and one of the top five gold miners globally with the lowest cost position. Based on its 2018 Ore Reserves and Mineral Resources, the Polyus group ranks the third by attributable gold reserves among the world’s largest gold mining companies.
The Polyus group’s principal operations are located in Krasnoyarsk, Irkutsk and Magadan regions and the Republic of Sakha (Yakutia).
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Forward looking statements
This announcement may contain forward-looking statements concerning Polyus and/or Polyus group. Generally, the words will, may, should, could, would, can, continue, opportunity, believes, expects, intends, anticipates, estimates or similar expressions identify forward-looking statements. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Forward-looking statements include statements relating to future capital expenditures and business and management strategies and the expansion and growth of Polyus’ and/or Polyus group’s operations. Many of these risks and uncertainties relate to factors that are beyond Polyus’ and/or Polyus group’s ability to control or estimate precisely and therefore undue reliance should not be placed on such statements which speak only as at the date of this announcement. Polyus and/or any Polyus group company assumes no obligation in respect of, and does not intend to update, these forward-looking statements, except as required pursuant to applicable law.