Russian gold production surges 11.2 percent in 2009

08:20, March 17, 2010      

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Russia's gold production surged 11.2 percent in 2009 to 205.2 tons, a Russian daily paper reported on Tuesday.

Russia's Chukotka autonomous region, as well as regions of Kamchatka, Amur, Sverdlovsk, Irkutsk and Buryatia mainly contributed to the increase, Rossiiskaya Gazeta said.

Experts said the global economic downturn had actually helped Russia's gold mining industry, lowering production costs as small companies were absorbed by larger ones. Last year's rocketing gold price had also made marginal projects more profitable.

Meanwhile, against the background of the crisis, the consumption of gold jewelry last year plunged 38.2 percent to 43.2 tons, while output of silver jewelry increased around 50 percent.

According to Valery Braiko, head of the Union of Gold Producers of Russia, gold production in 2010 might gain less than 1 percent to 207 tons.

Russia is the world's fifth biggest gold producer, with 7 percent of global production.

Source: Xinhua
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