Bloomberg News

Polyus Gold 2009 Net Jumps Sixfold to $322 Million

April 29, 2010

OAO Polyus Gold, Russia’s largest producer of the metal, said profit last year jumped sixfold as gold prices increased.

Net income rose to $322 million from $51.5 million a year earlier, Polyus said in a statement today. Sales climbed 13 percent to $1.23 billion.

Gold producers have been seeking to boost output as the precious metal is into its 10th year of gains after surging in 2009 by 24 percent. Polyus’s KazakhGold Group Ltd. unit, bought last year, may need as much as $600 million of investment to raise production, improve efficiency and increase reserves, KazakhGold said today in a separate statement.

KazakhGold added $80 million of losses before interest, depreciation and amortization to Polyus last year, Oleg Ignatov, deputy general director of the parent company, said on a conference call.

To contact the editor responsible for this story: Ilya Khrennikov in Moscow ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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