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

Odaily Planet Daily News Russia has released its first gold production data in years, with the disclosed figures significantly surpassing independent industry assessments. If this 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 output should range between 480 and 500 tons this year, with last year's production reaching approximately 480 tons. The ministry confirmed that Kozlov was referring to gold mining output but did not elaborate further. However, executives from two major Russian gold mining companies expressed skepticism, stating that the number is difficult to explain. This news is significant for the market, as Moscow has not released official gold mining data since the outbreak of the Russia-Ukraine conflict in 2022. However, the news also came as a surprise, as this figure is about 50% higher than the World Gold Council's forecast for Russia's 2024 mineral production, and the country has not brought any major new mining operations online in recent years, making it difficult 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)