Gold output on the Urup Island of Russia’s Kuril Islands fell by 9.1% YoY, to 1,530 tons in 2016 because of difficult logistics and operations on the uninhabited island, local precious metals producer Kurilgeo said in a statement on April 14.
Revenue from the sales of gold rose by 6% YoY, to 4.07 billion rubles in 2016 due to higher prices on the London Metal Exchange and the U.S. dollar rate.
Silver production rose to 4,521 tons from 3,372 tons, and revenue from the sales of silver jumped by 67%, to 163 million rubles.
Kurilgeo also said that its net profit more than tripled on the year to 1.82 billion rubles in 2016 from 597 million rubles in 2015. (Prime/Ukrainian metal)