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Russia: an important force in the global gold market

Russia is the world’s largest official buyer of gold and the third largest gold producer in the world. However, it has not fully reached its potential in the international investment market, and this situation may change. It will double gold production or become the second largest gold producer in the world. Russia’s interest in gold dates back many years, but has reached new heights in the past decade. During this period, the Central Bank of Russia’s gold reserves increased by 1,250 metric tons, bringing the total reserves to 1,700 metric tons. As the world’s sixth-largest gold reserve, these golds account for 17% of Russia’s wealth.

Russia’s largest gold miner plans to nearly double its gold mining, which could make Russia the world’s second-largest producer of precious metals, Russia Today reported. Since 1995, Russia’s gold production has almost doubled and it is now in third place. Mikhail Leskov, deputy director of the Moscow Institute of Geology and Technology, said that could change in less than a decade.

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According to the British consulting company Metals Focus, in 2017 Russia mined 8.8 million ounces of gold, which is 8.3% of the total world production. It is reported that the recently opened gold mine will allow miners to increase production over seven years. By 2030, gold mining is expected to grow by nearly 8 million ounces.

At the beginning of this year, the national exploration company Rosgeologia reported that a precious metal deposit with about 900 tons of gold and silver was discovered in the Republic of Bashkortostan. According to preliminary estimates, there are about 87 tons of gold and 787 tons of silver in the area.

 

Gold mining in Russia over the past two decades has almost doubled. Data from the Russian Union of Gold Miners indicate that over the past decade, gold miners in the country have mined a total of 2,189 tons of gold.

Russia has several large areas of gold mining, including the most potential areas in the world. In Krasnoyarsk, there are two main mining sites in the central part of Russia — the Olympic and Blagodatsky. The Chukotka region of the Russian Far East has one of the largest mines in Russia — the Dvorovoy gold mine and mine Kupol. Amur and Magadan regions are the fastest growing centers of gold, and the city of Irkutsk, Siberia is also one of the most famous mining regions of the country.

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