MOSCOW: Russia's largest gold producer Polyus plans to increase gold output by 4% to 2.8 million troy ounces in 2022, it said on Wednesday.

Polyus, the world's fourth-largest gold producer, will raise production further in 2023 to 2.9 million troy ounces but will keep capital expenditures stable compared with 2021, it said in a statement.

The company's Olimpiada mine in Siberia will increase ore processing capacity to 15 million tonnes in 2022 from 14.3 million tonnes this year, Polyus said.

Polyus also said that capacity at its Kuranakh deposit will rise to 7.5 million tonnes of ore in 2024 from 6 million tonnes this year.

The company's total cash costs (TCC) will remain stable at between $425 and $450 per ounce of gold in 2022 and between $400 and $450 per ounce in 2023.