Gold production at Polyus up 27 percent

According to first quarter reports released on Tuesday, Polyus Gold, Russia’s largest gold producer, has increased production by 27 percent on the year.

The first quarter growth can be attributed largely to expansion at the Olimpiada, Blagodatnoye, and Kuranakh mines. Olimpiada and Blagodatnoye are located in the Krasnoyarsk Territory of East Siberia, while Kuranakh is located in Yakutia in Northeast Russia, RiaNovosti.ru reports

“With a 27 percent organic year-on-year increase in production and good progress at our development projects, supported by a substantial increase in the mineral base, Polyus Gold remains well positioned to continue to deliver on its growth plans,” Polyus Gold CEO German Pikhoya said, according to RiaNovosti.ru.

Over the same growth period, average gold prices also grew by 23 percent to $1,702 per ounce.

Polyus gold operates mine development and exploration projects across the five major gold producing regions of Russia, the Krasnoyarsk Territory, the Irkutsk Region, the Far Eastern Magadan and Amur regions, and the Republic of Sakha. Polyus is headquartered in Moscow.