Russian gold production firm Polyus will get all of the $2.1 billion raised when its former parent, Norilsk Nickel, sold 20 percent of Gold Fields, and plans to expand internationally.
Russia's biggest gold producer Polyus and international companies including Barrick Gold and Bema Gold are seeking to boost output of the precious metal in Russia, where production costs are among the lowest in the world.
Russia's biggest miner, Norilsk Nickel spun off Polyus on January 1 and the company would be legally registered as Polyus Gold by the end of this month, Pikhoya said.
Polyus plans to almost triple annual output to 3.2 million ounces by 2012, to become one of the world's top five gold producers. The world's biggest producer is Newmont Mining, which produced 1.74 million ounces last year.
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Russian Gold Giant Took a Whole Lot
Polyus will get all of the $2.1 billion from Gold Fields' stake, plans to expand internationally
