Polyus Gold output jumps

REFINED gold output at Russian producer Polyus Gold jumped by 12 per cent last year to a record 1.68m ounces, it said yesterday.

The gold producer, which exceeded its 2012 production target by five per cent, yesterday recorded the fifth consecutive year of growth in gold output.

The yellow metal producer forecast refined gold production for this year at between 1.7 and 1.8m ounces.

Chief executive German Pikhoya yesterday hailed an “exceptional performance” from its large Russian Olimpiada and Blagodatnoye mines, and steady improvements at its Kuranakh operations, which helped to drive the record year on year output.