Russian companies may raise their production of mined and by-product gold, including gold produced through recycling of scrap metal and waste, and of gold concentrate by 1% YoY, to 371.5 million tons in 2020, Chairman of the Union of Gold Producers of Russia Sergei Kashuba said during a forum on November 12.
“As we receive statistics for the first half of the year and for the nine months, we see that production is increasing and this is why we have adjusted our forecast. We think that this year combined production of gold will reach 371.5 tons, including production of gold from mineral reserves standing at 336.5 tons,” he said.
The output of mined gold should rise by 1.8%, to 292 tons, of by-product gold should stay flat at 18 tons, of gold concentrate should increase by 7%, to 26.5 tons, and of gold from scrap and waste should fall by 9.1%, to 35 tons, he said.
Previously, the union expected Russia’s production of gold to amount to 370 tons this year. (Prime/Ukrainian metal)