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Tuesday, 26th May 2009 (3268 views)

The amount of gold being produced in Russia increased significantly in the first four months of 2009, it has been confirmed.

According to Reuters, figures from the Russian Gold Industrialists' Union showed that output was up nearly 38 per cent, while the first three months alone saw a 42 per cent boost.

New ore processing capacities were cited as a major factor in this, with a total of 43.28 tonnes having been produced.

This was compared to an output level of 31.41 tonnes for the same period in 2008.

The lobby suggested that two mines in particular contributed to much of the growth, these being Peter Hambro Mining's Pioneer site and the Kupol mine, majority-owned by Kinross Gold.

Earlier this year, the Russian Gold Industrialists' Union predicted that there would be an overall increase in production of eight per cent in 2009, with this coming after five years of decline.

 

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