UPDATE 2-Russia's Polyus sees output flat until end-2009

(Releads with 2008 plans, adds quote)

By Aleksandras Budrys

MOSCOW, Jan 31 (Reuters) - Polyus Gold (PLZL.MM: Quote, Profile, Research) (PLZLq.L: Quote, Profile, Research), Russia's largest gold miner, said on Thursday it expects output to remain steady at about 1.2 million ounces (37.8 tonnes) until the end of 2009, before rising sharply.

"We expect to keep production at the level of 2007, until some of our projects are launched at the end of 2009 and beginning of 2010," Chief Executive Yevgeny Ivanov told a conference call.

Polyus, the world's fourth-largest gold company by reserves, aims to triple its output to 3.9 million ounces of gold by 2015.

The firm has said it has a dozen greenfield projects to come on stream within the next few years, including Natalka, expected to become Russia's largest gold mine, which Polyus plans to launch in 2012 or 2013.

In a separate statement, Polyus said production of the metal last year remained steady, but it expected 2007 revenues to rise 16 percent to $855 million due to higher gold prices and the company's policy of not hedging output.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) are estimated to come in between $300 million and $320 million, slightly more than in 2006.

Polyus said it expected total cash costs in 2007 to have risen to $365-$375 per ounce from $278 per ounce in 2006.