Russia Set To Double Gold Mining, Becoming World's 2nd Biggest Gold Producer

While Moscow's selling of US Treasurys over the past 6 years is hardly a surprise to anyone...

... Putin's far more aggressive purchases of gold in recent years, with Russian reserves now in their 39th consecutive month of additions, have certainly raised a few eyebrows: almost as if Russia is doing everything it can to prepare for the moment when the US dollar is no longer a reserve currency.

What is perhaps even more surprising is that the pace of gold accumulation by the state is no longer satisfactory, and according to RT, major Russian gold mining companies are planning to double production; such an increase would make Russia the world's second largest producer of the precious metal.

While Russia is currently the world's third biggest gold miner after Australia and China, that could change in less than a decade, according to Mikhail Leskov, deputy CEO at the Moscow-based Institute of Geotechnology, as quoted by Vedomosti.

The boosting of mining output would also make Russia a gold export powerhouse. In 2017, Russia extracted 8.8 million ounces, accounting for 8.3% of total global production, according consultancy Metals Focus. The newly discovered gold deposits will reportedly allow miners to increase extraction by half in seven years, and by 2030, extraction is expected to grow by nearly eight million ounces.

Earlier this year, state exploration company Rosgeo said that a new discovery, holding some 900 tons of silver and gold, was found in the Republic of Bashkortostan. According to initial estimates, there are some 87 tons-worth of gold in the area. Silver deposits, meanwhile, are estimated at 787 tons.

The Russian gold mining industry has almost doubled its volume of extraction over the last two decades. Over the past decade, the country’s producers mined 2,189 tons of gold according to the Russian Union of Gold Producers.

There’s a number of major gold mining regions in Russia, including the most prospective in the world. Krasnoyarsk region in central Russia has two of major operations – Olimpiada and Blagodatnoye. Chukotka region in Russia’s Far East is home to one of the biggest Russian miners, the Dvoinoye and the Kupol operations.  The regions of Amur and Magadan are Russia's fastest growing gold hubs while the Siberian city of Irkutsk is also one of the most prominent mining areas in the country.

In March, the region of Yakutsk made the front pages when a Russian AN-12 cargo plane lost over 3 tons of gold on takeoff.

Comments

NoDebt Liquid_Silver Sun, 06/03/2018 - 23:04 Permalink

Go ask for your gold back from the Feds.  You won't get that wonderful 99.999% pure shit.  You'll get back gold bricks with some rocks, sand, straw, maybe an old tooth, and some jello pudding pops inside.

Let them make (gold) bricks without straw.  And the tally shall not decrease.  (nobody is going to get that reference)

 

In reply to by Liquid_Silver

WTFUD Sun, 06/03/2018 - 23:08 Permalink

I prefer the early morning hour smash and grab, like that of alCIAd'uh in the Ukraine, immediately after their Democratic Colour Revolution. Alas these Easy Pickings are now a rarity. 

Nigger Rich Sun, 06/03/2018 - 23:20 Permalink

If Russia didn't have so many muslims they'd definitely be the next superpower after the west collapses. 

Putin cucked and let several million uzbek, tajik, and chechan animals move into the beautiful cities that white slavics created and its a poison pill that will doom Russia. The russian military is already 40% muslim. Right now they're held in check by an iron fist but once they get greater numbers they will destroy Russia too.

I don't know why there can't be just ONE fucking white country that behaves like japan or any of the other common-sense asians who preserve their people.

LaugherNYC Sun, 06/03/2018 - 23:44 Permalink

Why is it every time ZH runs another doom porn piece about the end of the dollar and gold going to the moon the dollar rallies 10% and gold sinks like lead?

ZH has predicted 325 of the last 4 recessions. I swear reading this site has cost me a bloody fortune.

But getting to see Russian trolls and anti-Semites in situ  is worth it, I guess.

slvrizgold Mon, 06/04/2018 - 00:58 Permalink

You know, it should be no surprise that the country with the largest land mass would/could/should eventually become the world's leading gold miner. It won't be shocked when we find out China and Russia have more gold than the Western countries, and are also the #1 and #2 producers.

Jung Mon, 06/04/2018 - 03:13 Permalink

And why does gold never go beyond its resistance around 1350? So many articles already about gold going up, but nothing happens to the gold price. Why not? 

InnVestuhrr Aengrod Mon, 06/04/2018 - 07:20 Permalink

Absolutely correct, but irrelevant to the shiny shit cultists.

Russian economy is about 12th in global ranking,

BUT

If you remove all the extractive industries, ie all the stuff like oil and gas that they just harvest from the earth vs produce with labor,

THEN

The Russian economy is tiny, ranking with only individual USA states and the smallest countries.

Putin is a great national leader, I respect and admire him, but his obsession with restoring the Soviet empire is doing NOTHING to improve the Russian economy or the personal economies of individual Russians.

In reply to by Aengrod

voicefromPoland Mon, 06/04/2018 - 08:32 Permalink

Cant believe that people here are more supporting russia than usa. Whats wrong with you??? Have you ever been in russia, fancy to live there?? Then move out to pettersburg or other russian sh**hole to work in goldmine then you will stop complaining and u will be happy as never

InnVestuhrr voicefromPoland Mon, 06/04/2018 - 09:57 Permalink

ZH started out as site for investors, ie people who earned savings, seeking information & exchanges on investing, but is now DOMINATED by trolls for:

1. vile immoral evil islamic cult

2. anti-USA for whatever real or imagined grievance

3. coercive-collectivism earnings-confiscation-redistribution entitlement parasites

I now post on ZH only to piss on them.

In reply to by voicefromPoland

Able Ape Mon, 06/04/2018 - 09:02 Permalink

Over here in 'Merica, we just hypothecate the shit out of gold - why mine it when you can "spread" the wealth much easier!... We can sell the same ounce of gold 7 billion times to everyone on the planet!...