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UPDATE 2-Russia's Polyus to keep gold output at 2.7-2.9 mln oz until 2027

(Writes through to add production forecast until 2027, details about capex)

MOSCOW, June 23 (Reuters) - Russia’s largest gold producer Polyus plans to keep its annual output at between 2.7 million and 2.9 million troy ounces until 2027 when it launches its giant Siberian deposit, Mikhail Stiskin, its chief financial officer, said on Wednesday.

Polyus, the world’s fourth-largest gold producer, plans to spend $3.3 billion on developing Sukhoi Log, the world’s largest gold deposit by reserves, which would boost its production from 2027.

The gold miner’s average annual production in 2024-2026 will be similar to that in 2020-2023, Stiskin told Reuters.

Polyus said earlier on Wednesday its 2022 gold output would rise by 4% to 2.8 million ounces and would reach 2.9 million ounces in 2023, mainly due to higher ore processing capacity and higher grades at its largest Olimpiada mine in Siberia.

Its capital expenditure (capex) will peak in 2024-2026 due to investment in Sukhoi Log and in the expansion of its second largest mine, Blagodatnoye, Stiskin said.

He did not give a total investment forecast for these years but said it would be higher than capex for 2021-2023, which the company expects to be $1.1-1.2 billion a year. (Reporting by Anastasia Lyrchikova and Polina Devitt Editing by David Goodman and Mark Potter)

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