"ВТБ Капитал": Polyus Gold: strong 2Q11 Trading Update // ПОКУПАТЬ
27 июля 2011 года
Yesterday, Polyus Gold released good 2Q11 operating numbers supporting our positive view on the name. Total gold production rose 37% QoQ in 2Q11 to 353koz driven by operations at Olimpiada improving (25% QoQ to 138koz) and ramping up at Blagodatnoye (11% QoQ to 80koz) and Kuranakh (20% QoQ to 30koz). Seasonal alluvial operations also contributed 45Koz. The total 1H11 output figure of 611koz was 22% higher YoY. The company also reported 1H11 revenues of USD 909mn, up 50% YoY.
We see these results as positive, and believe the company is on track to deliver on its 2011FY output target of 1.5mnoz (1.4mnoz ex. KazakhGold). In our view, the current share price weakness on the back of the reverse takeover is a good entry point, given the excellent gold price performance YTD and the company’s positive operating results. We are therefore reiterating our Buy recommendation.
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