OREANDA-NEWS. Russia-focused Polyus Gold International said it has achieved a fifth consecutive year of rising gold production, and in 2012 exceeded its target by 5% with output of 1.68 million ounces.

The 1.68 million ounces was 12% ahead of full-year 2011.

It said 2012 gold sales were estimated to reach USD 2.8 billion, a 22% increase on 2011.

Looking ahead, Polyus said it forecasts refined gold production for 2013 of 1.7-1.8 million ounces. If Kazakhstand was excluded, the target was 1.59-1.68 million ounces.

Chief executive German Pikhoya said: "The record double-digit growth rate achieved in 2012 came as a result of continued investment and optimisation of our mines, delivering significant increases in production at all of our Russian operations, with an exceptional performance delivered by our largest mines, Olimpiada and Blagodatnoye, and steady improvements at Kuranakh.

"2012 also saw good progress at our development projects, and we are looking forward to seeing these become a new generation of mines, starting with the world-class Natalka mine," Pikhoya said.