Russia Could Become World’s Second-largest Gold Producer

Mineweb reported yesterday that this year, Russia may overtake Australia to become the world’s second-largest gold producer. However, even if that does happen, Russia will still be far from matching the output of China, the world’s top producer of gold.

As quoted in the market news:

Last year Russia mined just under 8 million ounces of gold – around 248.5 tonnes – as opposed to Australia’s 8.53 million ounces – 265.3 tonnes.  But Russian gold output is reported as rising 26.6% in the first half of the year and if this level increase continues in H2 Russian full year output could total 10.1 million ounces – or 314.6 tonnes, although with normally far higher output in the second half of the year this kind of annual percentage increase may not be achievable.

Click here to read the full Mineweb report.