Russia’s 2018 gold production expected to rise 3%

Russia’s gold production in 2018 is expected to rise by 3% to 328 t on higher output from mines, producers’ lobby Gold Industrialists’ Union said on Tuesday.

The estimate includes output from mines, from gold as a by-product of other metals, refined from scrap and gold containing concentrate.

Refined gold output from mines rose 7% to 271 t and is expected to reach 285 t in 2018, the union said.

Russia is the third largest gold producer behind China and Australia and its central bank is one of the most active buyers for its reserves.

Its 2017 output rose 7% to 317.7 t, also led by higher output from mines, Sergei Kashuba, head of the Gold Industrialists’ Union, told a conference.

Russia’s gold production since 2007 has risen by 5% to 7% a year on average.

Top producer Polyus and Polymetal accounted for most of the growth in out 2017 and are expected to do so again in 2018, data from the union showed.

Source: miningweekly.com