Russia releases first gold mining estimate in years, data far exceeds expectations

Odaily Planet Daily News: Russia has released its first gold mining data in years, with figures far exceeding independent industry estimates. If the data is accurate, Russia has become 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. Last year's output was about 480 tons. The ministry confirmed that Kozlov was referring to gold mining volume, but provided no further explanation. However, executives from two major Russian gold mining companies expressed skepticism about the figure, stating it is difficult to interpret. This news is significant for the market because Moscow has not released official gold mining data since the Russia-Ukraine conflict in 2022. But the news is also surprising, as the figure is about 50% higher than the World Gold Council's forecast for Russia's mineral production in 2024, and the country has not brought any major new mines into production in recent years, making it impossible to rapidly increase output. According to data released by the World Gold Council, the country mined approximately 330 tons of gold in 2024. (Jin Shi)