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Russian Gold Miner Expands Ambitions

http://biz.yahoo.com/ap/060918/russia_gold.html?.v=1

Monday September 18, 8:33 am ET
Russia's Biggest Gold Mining Company Unveils Plans to Move Into World Top 5


MOSCOW (AP) -- Russia's biggest gold mining company, OAO Polyus Gold, unveiled a 10-year plan Monday to become one of the world's largest gold producers, the chief executive officer said.
The company's board approved a plan to triple its output to 3.9 million ounces and boost proven and possible reserves to 68 million ounces by 2015, he said. Under the plan, some $3.4 billion will be invested to acquire new assets and licenses in Russia and overseas.

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"Our strategy will elevate us from a top-10 to a top-five global producer," CEO Yevgeny Ivanov told a conference call.

Newmont Mining Corp. is currently the world's biggest producer, with an output of 6 million ounces forecast for 2006.

Polyus was spun off from zinc and palladium miner Norilsk Nickel in March and is majority-owned by Norilsk's owners, billionaires Vladimir Potanin and Mikhail Prokhorov.

Polyus' board also approved changes to the budget that will allow a $1 billion share buyback program, scheduled for the fourth quarter of this year, after which the company plans a listing on the London Stock Exchange either at the end of this year or the first quarter of next.