RUSSIA September 30 2013 6:23 PM
MOSCOW (Scrap Register): Russia gold output advanced sharply by 16.74% year-on-year to 90.59 metric tons in the first half of this year, as per the latest figures released by the Union of Russian Gold Producers.
According to the data, country's gold mine production rose by 11% year-on-year to 76.015 tons in the first six months of this year while its scrap gold output more than doubled to 6.323 tons and production from smelting other metals increased by 4.9% to 8.252 tons.
The union of gold producers said earlier that Russia is likely to increase its gold output this year to 234 tons from 225.846 tons in 2012, which was up 6.8% from 2011.
The increase will mostly come from increased underground gold mining, due to mines commissioned in 2011 and 2012 reaching capacity production levels, and new mines being commissioned this year.
Russia's gold production has increased by 38% since the collapse of the Soviet Union in 1991.
The development of large gold projects held by the leaders such as Kinross Gold and Polyus Gold are projected to be the main contributor to the increase in Russia's gold production. Polyus increased output last year by 12 percent to 1.68 million ounces, while Polymetal’s production jumped 33 percent to 589,000 ounces.
Russia is considered to be the single largest unexplored gold region in the world, with large deposits only recently being discovered. It has got massive land expanse that covers 11 time zones.
Russia's gold industry is highly fractured, with over 600 companies working in the sector.