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Thursday, 27th August 2009 (2878 views)

Gold production in Russia has increased by 21 per cent over the last seven months, new figures have shown.

Statistics released by the Russian Gold Industrialists' Union and reported by Reuters revealed that the country produced 101.77 tonnes of gold between January and July.

This is compared with a figure of 84.13 tonnes for the same period last year.

Russia is currently the fifth largest gold producer in the world and accounted for eight per cent of global gold output in 2008.

The Russian Gold Industrialists' Union said that a number of large mining projects in the far eastern part of the country helped to drive growth this year.

In 2007, gold mining operations were restarted at the $700 million (£432.2 million) Kupol Arctic mine in Russia, which is believed to one of the main factors behind the country's ascent in the gold production stakes in recent years, according to Reuters.

 

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