Investment Thesis
Polyus (OPYGY) [PLZL:LI] is one of the largest gold producers in the world. It is at the lowest cost of the cost curve and has a large reserve base. Its management team is disciplined and continues to improve its operational efficiency and grow its production allowing it to exploit the company's reserves and resources. In a world where central banks will continue to use monetary stimulus at any signs of economic problems, Polyus is an undervalued hedge deserving a place in any long-term investor's portfolio. The base case fair value per