Monday, 18th September 2006 (2680 views)

The largest gold mining company in Russia, Polyus Gold, has announced a ten-year plan to triple its output and become one of the largest gold producers in the world.

The corporation's chief executive Yevgeny Ivanov said that the plan would catapult Polyus into the upper bracket of gold companies in a short space of time by expanding its operations throughout its international holdings.

New licenses and assets would be acquired both domestically and overseas as part of the plan for the next decade, Mr Ivanov explained, requiring investment of nearly $3.4 billion.

Levels of reserves would be increased to a possible 68 million ounces by 2015 and the company's total output would be boosted to 3.9 million ounces.

"Our strategy will elevate us from a top-ten to a top-five global producer," he explained.

Polyus is a junior company that emerged from zinc and palladium mining giant Norilsk Nickel earlier this year. The company's board confirmed it would instigate a $1 billion share buyback program to raise necessary capital.

 

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