Russia further increases gold mine production

The production of the Russian gold mining sector increased by 9% last year to 343.54 tonnes. This was recently announced by the Russian Ministry of Finance. This gives the country the second largest gold mining production in the world after China. In the past year, Russia also overtook Australia in the ranking of countries with the largest gold production. Australia's mining sector extracted an estimated 325 tonnes of gold from the ground last year.

Russia's gold production has increased by nearly 70% since 2010. This increase can be largely attributed to the central bank, which until recently bought up a large part of the domestic gold mine production. To accommodate the mining sector now, the government has export licenses Provided, so that gold miners can sell their gold abroad more easily. The production of silver in Russia, on the other hand, fell by 11% last year.

Russia exports more gold

With the export of gold, Russia plays an important role in the international gold market. Since the corona crisis, the demand for the precious metal has skyrocketed. As a result, there was a scarcity in the physical gold market, resulting in longer delivery times. Also, many investors got into gold ETFs, which added hundreds of tons of gold to their stocks. As a result, it is currently interesting for Russia to export gold. Of all the precious metals Russia exported last year, the largest share went to the United Kingdom. That's no coincidence, as that's where most ETFs keep their physical stocks.

This contribution was made from Geotrendlines