(REUTERS) -- Leading Russian gold producer Polyus said on Monday its 2011 core earnings rose to $1.04-$1.06 billion, up from $717 million a year earlier thanks to increased output and strong gold prices.

The company, which is eyeing a London listing, said it produced 1.50 million ounces of gold last year, up 8 percent from 2010.

Gold sales in the period were $2.36 billion, up from $1.71 billion in 2010.