ST. PETERSBURG, June 8 (RIA Novosti) - Polyus Gold [RTS: PLZL], Russia's largest gold producer, will increase gold output 60% from last year's level to 60 metric tons by 2011, company co-owner and billionaire Mikhail Prokhorov said.
Prokhorov told reporters at the 12th St. Petersburg International Economic Forum that Polyus Gold had strong potential, and could become one of the world's top five gold producers.
The company currently has large gold reserves but lacks sufficient production facilities and needs to build gold processing factories, the Russian tycoon said.
The company's gold output in 2007 reached 37.8 metric tons (1.2 million troy ounces). Production in 2006 was 1.2 million troy ounces.
