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Friday, 27th January 2006 (4289 views)

Russian gold output fell last year, new figures reveal.

The Russian Gold Industrialists Union announced yesterday (January 26th) that gold output fell by 3.5 per cent compared to 2004, standing at 168.03 tonnes.

The union also said that it had revised downwards past estimates for output in 2004, which has now been reduced to 174.14 tonnes from the previously posted figure of 180.5 tonnes.

"The 2004 secondary gold output figure had to be revised down by some six tonnes," Valery Braiko, head of the lobby, told Reuters. He would not elaborate on the reasons behind the alteration.

It had initially been hoped that 2005 output would reach 183 tonnes.

However, it became apparent in November that this would not be the case with some deposits lower than expected.

A decline in mining output drove the decline, with output of gold from mines down 4.3 per cent to 152.03 tonnes.

Gold output as a by product of other metals rose by 6.8 per cent to 11.12 tonnes, while 4.88 tonnes was produced by refining the metal from scrap, an increase of 0.8 per cent.

 

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