Russia second only to China in gold production, with 2014 output estimated at 275 tonnes.
A sharp rise in 2014 production forecasts by the Russian gold producers lobby, is on the back of a 26.6% rise in the first six months of the year.
If official estimates are accurate, Russia may well overtake Australia’s 2013’s gold output this year, having already produced 116.7 tonnes in Q1 and Q2 from mining, scrap reclamation and as a by-product of industrial and chemical processes.
Production output was initially increased as compensation for declining gold prices in 2013 and with prices already back up 9 percent in 2014, increased production is having a good effect on the industry as a whole, despite earlier predictions of an overall fall in output of 5%.
If Russia does indeed take 2nd spot in world production figures, the gold market will have changed beyond all recognition from it’s decades old hierarchy.
After all, South Africa was the top gold producer for nearly a century until only 2008 when China hit the number one position, and since then, South Africa has dropped to 5th position.
In only 2012, Russia was 4th behind China, Australia and the United States.
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