MOSCOW, July 30 (RIA Novosti) - Zoloto Kamchatki, the gold mining arm of the Renova asset management group controlled by billionaire Viktor Vekselberg, said on Wednesday it intended to hold an initial public offering in 2009.

Zoloto Kamchatki, with a current market capitalization of around $1 billion, intends to offer a blocking interest of 25% to investors to raise $250-270 million for further development, the company's CEO, Andrei Shutov said.

The company currently invests in its development using its own funds and loans. The company's liabilities stand at $50 million.

Zoloto Kamchatki expects to increase annual gold output to 12 metric tons by 2012, Shutov said, adding that the company's gold reserves would suffice for 20 years of stable operations.

Zoloto Kamchatki reported an 80% increase in revenues in 2007 to 1.15 billion rubles ($48 million), with net profit amounting to 93.1 million rubles ($4 million). The company produced around 2 metric tons of gold in 2007 or 64% more than in 2006.