Polyus Gold Q1 revenue soars 68% to $385 mln

MOSCOW, April 20 (RIA Novosti) – Russia’s largest gold miner Polyus Gold posted a 68.1 percent in first quarter revenue to $385 million, the company said on Wednesday.

Gold output increased by 58.8% in the first three months of this year to 323,000 ounces compared with the same period in 2010.

Production by KazakhGold, Polyus Gold’s Kazakh subsidiary, grew by 90.4 percent to 27,000 ounces.

The company sold 278,400 ounces of gold, or 30.9 percent more than in the same year ago period, at an average price which increased by 28.4% to $1,381 per ounce in that quarter, the company said in a statement.

Polyus Gold plans to produce 1.4-1.5 million ounces of gold in 2011.

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