Russia releases first gold mining estimate in years, figures far exceed expectations

Odaily reported that Russia has published its first gold mining output data in years, with the disclosed figures significantly surpassing independent industry estimates. If accurate, this would make Russia the world's largest gold producer. Russian Natural Resources Minister Alexander Kozlov told TASS that the country's ore production this year should be between 480 and 500 tons, with last year's output at around 480 tons. The ministry confirmed that Kozlov was referring to gold mining volumes but did not provide further details. However, executives from two major Russian gold mining companies expressed skepticism about the figure, calling it difficult to explain. This news is significant for the market, as Moscow has not released official gold mining data since the Russia-Ukraine conflict began in 2022. Yet, the announcement also comes as a surprise, as the figure is about 50% higher than the World Gold Council's forecast for Russia's 2024 mine production, and the country has not brought any major new deposits into production in recent years, making it difficult to rapidly increase output. According to data from the World Gold Council, Russia mined approximately 330 tons of gold in 2024. (Jinshi)