Gold output on the Urup Island of Russia’s Kuril Islands will fall by 100 kilograms to 1.583 tons in 2016, but silver output will rise to 4.274 tons from 3.327 tons, local precious metals producer Kurilgeo said.
Despite the production cut, revenue from the sales of gold is to increase by 11% to 4.3 billion rubles because of the rising gold prices at the London exchange. Revenue from the sales of silver is forecast to jump by 60% to 157 million rubles.
Kurilgeo also expects its net profit to more than double to 2 billion rubles in 2016 from 597 million rubles in 2015. (Prime/Ukrainian metal)