New development srategy for OJSC Polyus Gold was approved by Board of Directors meeting on September 14th, 2006.
The strategy provides a plan for Polyus Gold to boost its gold production, to increase its reserves, net income, and market cap in 2006-2015, which will elevate OJSC Polyus Gold to the Top 5 of the global gold producers.
Key 2015 targets include:
| • JORC proven and probable reserves | - at least 68 million oz; |
| • Annual gold production | - at least 3.9 million oz; |
| • EBITDA | - US$710…900 million; |
| • Net cash flow | - US$600…710 mln; |
| • Net debt | - no more than US$100 mln. |
To reach these targets, the strategy envisages total capex of US$3.4 billion for 2006-2015. This covers investments both to boost production and to acquire new assets and licenses in Russia and internationally, should suitable opportunities arise.