Russia’s Kuril Islands gold output to fall by 100 kg in 2016

YUZHNO-SAKHALINSK, Dec 14 (PRIME) -- Gold output on the Urup Island of Russia’s Kuril Islands will fall by 100 kilograms to 1.583 tonnes in 2016, But silver output will rise to 4.274 tonnes from 3.327 tonnes, local precious metals producer Kurilgeo said in a statement on Wednesday.

Despite the production cut, revenue from the sales of gold is to increase 11% to 4.3 billion rubles because of the rising gold prices at the London exchange. Revenue from the sales of silver is forecasted to jump 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.

(61.0690 rubles – U.S. $1)

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