MOSCOW, Aug 27 Reuters Russia39;s largest gold miner Polyus on Tuesday posted a 183 jump in firsthalf profit to 1.58 billion despite Western sanctions, boosted by higher global prices for gold that hit successive record highs this year.

Its adjusted earnings before interest, tax, depreciation and amortisation EBITDA rose 20 to 2.02 billion on revenue up 16 to 2.73 billion, Polyus said, adding the rise in EBITDA reflected higher average gold prices during the reporting period.

Gold has risen about 22 so far this year, striking a peak of 2,531.60 last week on expectations of imminent U.S. interest rate cuts and concerns about conflict in the Middle East.

Polyus said its gold output in the first half of the year rose 2 to 1.47 million ounces. The company increased its production guidance for 2024 to 2.752.85 million ounces from 2.72.8 million ounces previously.

The United States and Britain imposed sanctions against Polyus in 2023 over Russia39;s actions in Ukraine, a step that played

Polyus said that it will begin pilot processing of ore from Sukhoi Log, the company39;s new flagship project in Eastern Siberia, in the second half of the year. Sukhoi Log is expected to go into full operation in 2027, doubling Polyus39; gold output.

The ore will be processed at the nearby Verninskoye plant while mining at the Verninskoye deposit will be suspended until 2027. Verninskoye39;s deposit accounted for 8.3 of Polyus gold output in the first half of 2024.

Polyus sees reserves…