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MOSCOW (Thomson Financial) - OJSC Polyus Gold chief executive Yevgeny Ivanov said he does not expect his company to make any significant acquisitions going forward, in order to concentrate on organic growth, Interfax reported.

'The phase of large acquisitions for the company are behind us,' Ivanov said at the annual CIS precious metals summit.

The chief executive also said that Polyus was still looking at smaller acquisitions in Russia and the CIS, but that all mining assets that are in pre-production or active production are fairly valued by the market.

Ivanov also estimated that gold prices will remain above 700 usd per ounce in the next three to four years before declining to the 600-650 usd level.

Polyus Gold is Russia's largest gold producer, with mines in Krasnoyarsk, Irkutsk, Magadan, the Amur region and the Republic of Sakha (Yakutia).

It was formed two years ago as a result of the spin-off of JSC MMC Norilsk Nickel's gold mining assets. It produced 37.8 tonnes of gold in 2006 and had audited reserves of about 68.6 mln ounces as of September 2007.

alfred.kueppers@thomson.com