OREANDA-NEWS. November 2, 2012. Polyus Gold International Ltd. Russia’s largest miner of the metal, increased sales 16 percent in the first nine months of the year as output and prices rose.

Revenue climbed to about USD 1.97 billion from USD 1.7 billion a year earlier, London-listed Polyus said today in a statement. Gold production advanced 9 percent to 1.2 million ounces.

Gold companies have boosted output to benefit from prices that have gained more than 10 percent since the start of 2012, approaching USD 1,800 an ounce this month. Polyus rival Polymetal International Plc increased its annual output target yesterday after quarterly volumes rose, and said dividends would expand.

Polyus reiterated its full-year production target of 1.6 million ounces even after third-quarter sales fell 3 percent on lower volumes from the Olimpiada mine. A “strong” performance at Blagodatnoye helped counter the decline, VTB Capital said. Polyus has net cash of USD 632 million, 19 percent more than at the end of the first half, according to the statement. The stock rose 1.1 percent, the most in a week, to close at 214.75 pence in London trading.