Russia will become the Second World Gold Producer

ArticleMining June 4, 2018 - 3:32:50 AM

Russia will double gold mining on its territory and become the second largest producer in the world.

Russia's major gold mining companies want to double the country's gold production. This could enable Russia to become the world's second Biggest producer of yellow metal.

For the moment Russia ranks third in the world ranking of gold miners after Australia and China. But that could change rapidly, according to Mikhail Leskov, deputy director general of the Moscow Geotechnical Institute.

In 2017, the country mined 8.8 million ounces, which represents 8.3% of global gold production, according to the British firm Metals Focus. The new uncovered gold deposits will enable miners to double their productivity in less than seven years. By 2030, extraction is expected to increase by +8 million ounces...

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