Russian Gold Production to Sink 5 Percent in 2014

Reuters reported that in 2014, Russian gold production is likely to sink by 5 percent. The country’s production of the yellow metal rose to a record level of 254 tonnes in 2013.

As quoted in the market news:

Gold producers were hit by a 28 percent price drop last year – gold’s biggest annual loss in 32 years – prompting miners to delay project development.

‘Production will be about 5 percent lower this year,’ [Sergei] Kashuba[, head of the Russian Gold Industrialists’ Union] said. ‘Postponed projects are unlikely to allow us to get more.’

Click here to read the full Reuters report.