Polyus Gold plans to increase gold production by 7 percent in 2012
Azerbaijan, Baku, Feb. 2 / Trend E. Kosolapova/
One of the world's largest gold producers Polyus Gold plans to increase gold production by 7 percent to 49.8 tons (1.6 million ounces) in 2012, Novosti-Kazakhstan reported referring to Prime news agency.
"Polyus Gold plans to produce roughly 3.1 tons of gold in Kazakhstan in 2012 compared to 3.64 tons produced in 2011. Meanwhile, the company plans to increase gold production by 8.7 percent in Russia to 46.7 tons," Polyus Gold told the agency.
Moreover, Polyus Gold plans to increase investments in development of gold fields.
Some $594 million will be invested in development of Natalkinsk field in 2012 and up to $738 million by 2014. Moreover, the company plans to invest $150 millions in Blagodatnoye field to increase its capacity.
In general, Polyus Gold plans to have roughly $1 billion capital expenditures in 2012.
Polyus Gold International Limited is an international company, the leading gold producer in Russia and Kazakhstan, one of the world's largest gold producers. Headquartered in London, Polyus Gold's operating mines and development/exploration projects are located in 5 major gold mining regions of Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur Regions, the Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania and Kyrgyzstan.
Polyus Gold produced 1.497 million ounces (46.56 tons) of gold in 2011 or 8 percent more than in 2010.