PJSC Polyus reported consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, total gold output was 573.4 koz against 465.9 koz a year ago.

For the year, total gold output was 1,967.8 koz against 1,763.4 koz a year ago.

For the quarter, total gold sales were $550 million against $447 million a year ago.

For the year, total gold sales were $1,915 million against $1,768 million a year ago.

In 2017, the company anticipates another year of production growth for the Company and expects total gold output to exceed 2.0 million ounces as previously guided and total 2.075 million -2.125 million ounces.

The company estimates its 2016 gold sales (including the SPPP effect) will be approximately $2,429 million, which is a 13% y-o-y increase. As at 31 December 2016, the company's estimated net debt position amounted to $3,241 million (30 September 2016: $3,240 million).

Quarterly gold sales estimated at $660 million (up 26% y-o-y) with the estimated average selling price (incl. the impact from the Strategic Price Protection Programme (SPPP)) of $1,244/oz, 2% above the LBMA spot price.