NON-FERROUS METALLURGY: PRECIOUS METALS
Transcript of NON-FERROUS METALLURGY: PRECIOUS METALS
NON-FERROUS METALLURGY: PRECIOUS METALSFACTS AND FIGURES
2014
ABOUT THE RUSSIAN DIRECT INVESTMENT FUND
The Russian Direct Investment Fund is a $10 billion fund established to make equity investments primarily in the Russian economy.
RDIF was created in 2011 under the leadership of the President and Prime Minister of Russia to co-invest alongside top global investors, acting as a catalyst for direct investment in Russia. RDIF together with its co-investors invested and committed over $7 billion for this purpose, of which RDIF alone invested $1.3 billion and over $6 billion came from the leading international co-investment partners.
RDIF also attracted over $15 billion of foreign capital into the Russian economy through long-term strategic partnerships.
RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY
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RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY
WORLD GOLD RESERVES BY COUNTRY1.1
Ranking of countries based on volume of gold reserves*
2013, thousand tonnes
* Source: USGS data * Source: USGS data
9.9
65
3.9
3 3
1. Australia 2. South Africa 3. Russia 4. Chile 5. USA 6. Indonesia
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GLOBAL GOLD MINING Leading countries*, 2013, tonnes
1.2
* Source: USGS data * Source: USGS data
420
255227229
150120
1. China 2. Australia 3. Russia 4. USA 4. Peru 6. Canada
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WORLD SILVER RESERVES BY COUNTRY1.3
RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY
Ranking of countries based on volume of silver reserves*
2013, thousand tonnes
88 87 8577
66.7
43
1. Australia 2. Peru 3. Poland 4. Chile 5. Russia 6. China
* Source: USGS data
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GLOBAL SILVER MINING Leading countries*, 2013, tonnes
1.4
* Source: USGS data
5,4004,000
3,500
1,700 1,700
1,200
1. Mexico 2. China 3. Peru 4. Russia 5. Australia 6. Bolivia
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RUSSIA IN THE GLOBAL PRECIOUS METALS INDUSTRY
MAJOR GLOBAL PLAYERS 2013, % of global gold production
1.5
7.3 1. Barrick Gold
Canada
5.2 2. Newmont
USA
4.2 3. AngloGold
South Africa
1.8 8. Polyus
Gold Russia
2.74. Goldcorp
Canada
2.65. Kinross
Canada
1.39
10. Polymetal International plc
Russia
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MAJOR GLOBAL PLAYERS2013, % of global silver production
4.252. BHP Billiton
plcAustralia
4.5 1. KGHM Polska
Miedz S.A.Poland
3.34. Goldcord
Inc. Canada
43. Fresnillo plc
UK
2.95. Polymetal
International plc Russia
2.7
6. Pan American Silver Corp.
Canada
RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS
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RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS
GOLD MINING2.1
Gold mining in Russia and globally 2009-2013, tonnes*
2,450 2,560 2,660 2,690 2,770
191 192 200 218 229
in Russia globally Russia’s share of global extraction volumes, %
* Source: USGS data
2010
7.5
2012
8.1
2013
7.9
2009
7.7
2011
7.5
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GOLD PRODUCTION2.2
Gold production in Russia 2009-2013, tonnes, including associated and secondary metals
100 98.8
104.3106.8
112.5
Production in Russia, % change from previous period
2010 2011 2012 2013
205 202.6 211.4 221.8 247.7 2009
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DOMESTIC GOLD CONSUMPTION IN RUSSIA
2.3
RUSSIAN GOLD INDUSTRY: CURRENT ISSUES AND TRENDS
Gold purchases by Russian banks 2009-2013, tonnes
2010 2011 2012 20132009
CAGR 12.1%
38.643 42.9
48.5
60.95
2010 2011 2012 20132009
CAGR 5%
148.7148.8156.2
167.5
181.4
Jewelry industry: gold consumption 2009-2013, tonnes
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RUSSIAN GOLD EXPORTS2013, tonnes, by major importing coutries
2.4
42.7
Switzerland
UAE
Hong Kong
69.2
UK
10.9 2.9
0.05
0.3
China
Thailand
Singapore
1.5
RUSSIAN GOLD INDUSTRY: GEOGRAPHY AND CORPORATE STRUCTURE
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MAIN GOLD DEPOSITS RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTURE3.1
Reserves, tonnes: <100 100-500 500-1000 >1000
GEOGRAPHY AND CORPORATE STRUCTURE
3
9
3
9
Krasnoyarsk Krai
Sverdlovsk Region
Republic of Bashkortostan
Kemerovo Region
Republic of Sakha (Yakutia)
Chukotka AO
Magadan Region
Irkutsk Region
Buryat Republic
Zabaykalsk Krai
Khabarovsk Krai
Amur Region
Jewish Autonomous RegionKhakassia Republic
Orenburg Region
Chelyabinsk Region
2
5
7
5
6
77
3
1
8
8
1
5
3
6
3 4
3
5
10
9
1
7
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Dukatskoe Lunnoe Vorontsovskoe Khakandzhinskoe Yuryevskoe
Mayskoye Albazinskoe Kubaka Birkachan Sopka Kvartsevaya
Olimpiadskoe Blagodatskoe Titimukhta placer deposits of
Irkutsk Region Verninskoe Peresnets Zapadnoe
Chertovo Koryto Kanavnoe Yakokutskoe Severnoe Nezhdaninskoe Natalkinskoe Bamskoe
MAIN GOLD DEPOSITS RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTUREMagadan Region
ZDK Polyus
Russdragmet (Highland Gold Mining)
Petropavlovsk GC
Yuzhurapzoloto GC
Polymetal
Vysochayshy
Chukotskaya GGK (Kinross Gold)
Sovrudnik
Nordgold N.V.
Susumanzoloto
Kupol Dvoynoe
Tabornoe Pogromnoe Zun-kholbinskoe Irokindinskoe, Pravoberezhnoe
Samartinskoe Smezhnoe Pionerskaya placer
deposit Berezitovoe
Kurosan Zapadny Kurosan Yuzhny Svetlinskoe Kochgarskoe Bereznyakovskoe Kommunarovskoe Oktyabrskoye
Berendzhak placer deopsits Izekyul placer deposits placer deposits of
Krasnoyarsk Krai Darasunkoe Tapatuyskoe
Golets Vysochayshy Ozherele Drazhnoe
Ykamkoe Placer deposits of
Bolshaya Kuranakh River
Sovetskoye Eldorado
Dobroe Vershinka Vetrenskoe Deposits of
Magadan Region
1 2
3
4
5
6
7
8
910
Novo-Shirokinskoe Mnogovershinskoe
Taseevskoe, Sredne-golgotayskoe Belaya Gora
Pioner Pokrovskoye placer deposits of Amur
Region Malomyrskoe
Albinskoe Tokurskoe Novogodnee-Monto Petropavlovskoe Vysokoe Verkhne-Alminskoe
3.2
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RUSSIAN GOLD INDUSTRY: CORPORATE STRUCTURE
GEOGRAPHY AND CORPORATE STRUCTURE
Polyus Gold International LTD.
Polyus ZDK CJSC Lenzoloto ZDK CJSC Pervents OJSC Sukhoy Log GRK CJSC Tonoda CJSC Aldanzoloto GRK OJSC Yuzhno-Verkhoyansk Mining Company OJSC Matrosov Rudnik OJSC Amurskaya GRP LLC
Petropavlovsk
Pokrovsky Rudnik OJSC Malomyrsky Rudnik LLC Albynsky Rudnik LLC Tokursky Rudnik LLC Jamalzoloto OJSC Ilinskoe LLC Omchak Gold Mining Company CJSC
Polymetal International plc
Serebro Magadana CJSC Zoloto Severnogo Urala CJSC JV Okhotskaya GGK OJSC Mayskoe ZRK LLC Resursy Albazino LLC Omolenskaya Gold Mining Company LLC
Kinross Gold Corp.
Chukotka GGK CJSC Severnoe Zoloto LLC
OJSC Vysochaishy
CJSC GMC Aldgold
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Nord Gold N.V.
Neryungi Metallik LLC Rudnik Appurlovo CJSC Buryatzoloto OJSC Berezitovy Rudnik LLC
JSC Yuzhuralzoloto GC
Etkulzoloto OJSC Kommunarovsky Rudnik OJSC Artel Stareteley Priisk Drazhny LLC Darasunsky Rudnik LLC
Highland Gold Mining LTD.
Novo-Shirokinskoe Rudnik OJSC Mnogovershinsky CJSC Taseevskoe LLC Belaya Gora LLC
Seligdar Gold Mining Holding
Zoloro Seligdara OJSC Artel Stareteley Poisk LLC Artel Stareteley Sininda-1 LLC Ryabinovoe LLC Lunnoe CJSC Orenburgskaya GK LLC
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GEOGRAPHY AND CORPORATE STRUCTURE
Newmont Mining Corp.
Polyus Gold Int.
Turquoise Hill Resources
Zhongjin Gold Corp.
Polyus Gold capitalizationNov 2013- Nov 2014, %
Sources: Bloomberg, Reuters, Company data Sources: Bloomberg, Reuters, Company data
- 0.04%
- 7.3%
+ 13.3%
0%
9.4 Nov. 13
- 7.3%
Polyus gold capitalizationUSD bln
POLYUS GOLD: LEADER IN GOLD MINING IN RUSSIA
8.7 Nov. 14
3.3
POLY
US
GO
LD
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Sources: Bloomberg, Reuters, Company data Sources: Bloomberg, Reuters, Company data
MAJOR GLOBAL INDUSTRY PLAYERS
USA
Russia
Canada
Australia
UK
Canada
Canada
China
USA
Russia
Newmont Mining Corp.
Polyus Gold Internationsl Ltd.
Turquoise Hill Resources Ltd.
Newcrest Mining Ltd.
Randgold Resources Ltd.
Agnico Eagle Mines Ltd.
Eldorado Gold Corp.
Zhongiin Gold Corp.
Royal Gold, Inc.
Polymetal International Plc
8,350.00
2,466.89
106.86
3,810.93
1,205.09
1,589.34
1,090.33
5,034. 60
237.16
2,171. 70
9,741.49
8,712.00
6,986.22
6,963. 72
6,547.49
5,472.26
4,733.79
4,645.76
4,565.60
3,987.73
Market capitalization, USD mln
Sales,USD mln
CompanyCountry
3
4
5
6
7
8
9
10
11
12
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2013
2012
2011
2010
2009
GEOGRAPHY AND CORPORATE STRUCTURE
POLYUS GOLD: KEY FINANCIAL INDICATORS 2009-2013
4.25.8
Adjusted EBITDAUSD mln
557 694 1,082 1,303 910
2009 2010 2011 2012 2013
4.25.8
Gold saled revenue USD mln
1,172 1,597 2,180 2,618 2,259 2009 2010 2011 2012 2013
POLY
US
GO
LD
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2013
2012
2011
2010
2009
83.1
87.5
90.5
78.2
74.1
POLYUS GOLD: KEY PERFORMANCE INDICATORS AND RESERVES
2009-2013
4.25.8
Gold production k oz
1,231 1,275 1,378 1,569 1,649 2009 2010 2011 2012 2013
Polyus Gold - JORC proved and probable reverves mln oz
Leading companies in the world in terms of gold reserves (proved and probable reserves (P&P, JORC)
at the end of 2013, mln ounces
Barrick
Newmont
Polyus Gold
Newcrest
Anglogold
104
88
83.1
78
68
RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS
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RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS
SILVER MINING4.1
Silver extraction in Russia and globally 2009-2013, tonnes*
21,800 23,100 23,300 25,500 26,000
1,400 1,150 1,350 1,500 1,700
2010
6.42
2012
5.8
2013
6.4
2009
6.42
2011
5.79
in Russia globally Russia’s share of global extraction volumes, %
* Source: USGS data * Source: USGS data
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SILVER PRODUCTION4.2
Silver production in Russia 2009-2013, tonnes, including secondary metal
100.0 97.9 99.192.3
112.2
2010 2011 2012 2013
1,590 1,557 1,543 1,425 1,6602009
* Source: USGS data * Source: USGS data
production in Russia, % change from previous period
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DOMESTIC CONSUMPTION OF SILVER IN RUSSIA4.3
Jewelry industry: silver consumption 2009-2013, tonnes
RUSSIAN SILVER INDUSTRY: CURRENT ISSUES AND TRENDS
silver consumption, % change from previous period
2010 2012 2013
159.9 158.5 113.2 130.0 134.0 20112009
100.0 99.171.4
103.0
114.8
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RUSSIA EXPORTS ABOUT 2/3 OF MINED SILVER4.4
Russian silver exports2013, tonnes, by major importing countries
6.3
Switzerland
UAEIndia
252.4
UK
160.2
USA
332.7
230.3
18.8 52
BelarusKazakhstan
RUSSIAN SILVER INDUSTRY: GEOGRAPHY AND CORPORATE STRUCTURE
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3
9
MAIN SILVER DEPOSITS RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE5.1
Reserves, thousand tonnes: <5 5-15 15-20
Krasnoyarsk Krai
Republic of Bashkortostan
Kemerovo Region
Altai Krai
GEOGRAPHY AND CORPORATE STRUCTURE
Republic of Sakha (Yakutia)
Murmansk Region
Karelia Republic
Republic of Dagestan
Yamal-Nenets AO Magadan Region
Chukonka AOIrkutsk Region
Tyva Republic
Republic of Buryatia
Zabaykalsk Krai
Khabarovsk Region
Sakhalin Region
Primorsk Krai
Amur Region
Altai Republic
Khakassia Republic
Orenburg Region
Chelyabinsk Region
Republic of North Ossetia — Alania
Kabardino-Balkaria Republic
Karachay-Cherkess Republic
1
Sverdlovsk Region
1
23
6
10
10
9
8
7
5
4
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Yuzhno-Verkhoyanskaya OJSC Gornodobyvayushchaya Company
Uchalinsky GOK OJSC 105
MAIN SILVER DEPOSITS RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE
Dukatskoe (Magadan Region) Lunnoye (Magadan Region) Goltsovoe (Magadan Region)
Khakandzhinskoe (Khabarovsk Krai)
Kupol (Chukotka OA)
Prognoz (Republic of Sakha (Yakutia))
Nezhdaninskoe (Republic of Sakha (Yakutia)
Oktyabrskoe (Krasnoyarsk Krai) Talnakhskoe (Krasnoyarsk Krai)
Udokanskoe (Zabaykalskty Krai)
Gaisky (Orenburg Region)
Uzelginsky (Chelyabinsk Region) Novo-Uchalinsky (Republic of Bashkortostan)
Magadan Region
Baykalskaya Gornaya Company LLC
Okhotskaya GGK LLC
MMC Norilsk Nickel OJSC
Chukotskaya GGK CJSC Gorevsky GOK OJSC
Prognoz-Serebro LLC Gaisky GOK OJSC
1
2
3
4
6
7
8
9
Serebro Magadana CJSC
Gorevsky (Krasnoyarsk Krai)
5.2
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RUSSIAN SILVER INDUSTRY: CORPORATE STRUCTURE
GEOGRAPHY AND CORPORATE STRUCTURE
Ural Mining and Metallurgical Company OJSC
Gaysky GOK OJSC Bashkirskaya Med LLC Urupsky GOK CJSC Uralelectromed OJSC
Mining companies
Kinross gold Corp.
Chukotkaya GGK CJSC
Mining companies
Russian Mining Company OJSC
MMC Dalpolimetall OJSC
Mining companies
MMC Norilsk Nickel OJSC
Polar Division Kolskaya MMC OJSC
Mining companies
Kombinat Severonikel OJSC
Refineries
Merkury GC
Gorevsky GOK OJSC
Mining companies
Uralelectromed OJSC
Refineries
Safyanovskaya Med LLC Siberi-Polymetal OJSC Svyatogor OJSC
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Polymetal OJSC
Serebro Magadana CJSC Okhotskaya GGK LLC Omolonskaya ZRK LLC
Mining companies
Russian Copper Company CJSC
Kyshtym Copper Electrolyte Plant Krastsvetmet OJSC Novosibirsk Refinery OJSC Kopymsky Refinery OJSC FG UP Prioksky Nonferrous Metals Plant Ekaterinburg plant OCM OJSC Shchelkovsky Secondary Precious Metals Plant OJSC
Refineries
Rytvina Supermetall NP Complex OJSC Ural Innovative Technologies CJSC Sibproekt LLC
Uralskoe GRP LLC Resursy Albazino LLC Zoloto Severnogo Urala CJSC
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GEOGRAPHY AND CORPORATE STRUCTURE
POLYMETAL INTERNATIONAL: MARKET CAPITALIZATION
Polymetal International capitalizationNov 2013- Nov 2014, %
Sources: Bloomberg, Reuters, Company data
Polymetal international capitalizationUSD bln
3.4 Nov. 13
3.99 Nov. 14
+17%
3.7Mar. 14 3,5
June 14
Henan Yuguang Gold & Lead Co.
Polymetal Int.
Allgemeine Gold und Silberscheideanstalt AG
Stillwater
+48%
+17%
+ 2.9%
+22%
5.3
POLY
MET
AL
INT
ERN
ATIO
NA
L
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MAJOR INDUSTRY PLAYERS
China
South Africa
Russia
Canada
Canada
South Africa
Hong Kong
Netherlands
UK
UK
Shandong Humon Smetting Co Ltd.
Sibanye Gold Ltd.
Polymetal International Plc
Yamana Gold Inc.
Agnico Eagle Mines Ltd.
Harmony Gold Mining Co. Ltd.
Lingbao Gold Co. Ltd.
Nord Gold NV
Petropavlovsk Plc
Randgold Resources Ltd.
1,955.63
1,842.93
2,171.70
1,784.49
1,589.34
1,474.11
1,292.34
1,271. 25
1,270.87
1,205.09
1,277.61
1,749.23
3,987.73
3,692.90
5,472.26
756.86
128.14
491.56
56.97
6,547.49
Market capitalization, USD mln
Sales,USD mln
CompanyCountry
10
11
12
13
14
15
16
17
18
19
Sources: Bloomberg, Reuters, Company data
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GEOGRAPHY AND CORPORATE STRUCTURE
POLYMETAL INTERNATIONAL: ONE OF THE LEADING COMPANIES IN RUSSIA AND GLOBALLY IN GOLD AND SILVER MINING
7.31. Barrick
1.2810. Polymetal International
plcs
5.22. Newmont
4.23. AngloGold
2.74. Goldcorp
2.65. Kinross
Leading gold mining companies globally 2013, mln ounces
Leading silver mining companies globally 2013, mln ounces
40.91. KGHM Polska
Miedz S.A.
38.92. BHP
Billiton plc
36.93. Fresnillo
plc
30.54. Goldcord
Inc.
25.16. Pan American
Silver Corp.
27.25. Polymetal International
plcs
POLY
MET
AL
INT
ERN
ATIO
NA
L
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POLYMETAL INTERNATIONAL: KEY FINANCIAL INDICATORS
2010-2013
EBITDAUSD mln
Revenue USD mln
925 1,326 1,854 1,7072010 2011 2012 2013
425 624 932 5982010 2011 2012 2013
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POLYMETAL INTERNATIONAL: KEY PERFORMANCE INDICATORS AND RESERVES2010-2013
Ore processing thousand tonnes
GEOGRAPHY AND CORPORATE STRUCTURE
Mining thousand tonnes
7 , 474 11, 002 12, 591 10 ,379
7 ,845 8, 821 9, 808 10 ,7492010 2011 2012 2013
2010 2011 2012 2013
POLY
MET
AL
INT
ERN
ATIO
NA
L
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NOTES
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RDIF PRESENTS
PLATFORMINVEST IN RUSSIA
INVESTIN RUSSIA
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