Russia's Gold Production Up 11.2%

Source:

". . .gold production in 2010 could come to 210 million tons."

Following increased demand for the yellow metal, Russia produced around 11.2% more gold in 2009 than the previous year.

According to reports, Russia's yellow metal output soared by 11.2% in 2009 to 205.2 tons.

Russia's Chukotka autonomous region, as well as regions of Kamchatka, Amur, Sverdlovsk, Irkutsk and Buryatia mainly contributed to the increase.

The global recession had helped Russia's gold mining industry, lowering production costs as small companies were absorbed by larger ones. Last year's rocketing gold prices had also made marginal projects more profitable.

Against the background of the crisis, the consumption of gold jewelry last year plunged 38.2% to 43.2 tons, while output of silver jewelry increased around 50%.

Russia is the world's fifth biggest gold producer, with 7% of global production.

Meanwhile reports said that Russia will increase its production of iron and gold ore by 25% by 2030.

Factoring in innovative development in the Russian economy, gold production in 2010 could come to 210 million tons, in 2020 220 tons and in 2030 to 250 tons.

The increase in production of non-ferrous metals will come between 18% for nickel and 300% for base metals. Production of copper by 2030 could increase on average by 30%, zinc by 50% and lead by 38%.

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