Union: Russia’s gold output may rise by 1% to 371.5 tns in 2020

MOSCOW, Nov 12 (PRIME) -- 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% on the year to 371.5 million tonnes in 2020, Chairman of the Union of Gold Producers of Russia Sergei Kashuba said during a forum on Thursday.

“As we receive statistics for the first half of the year and for the first nine months, we see that production is increasing and this is why we adjusted our forecast. We think that this year combined production of gold will reach 371.5 tonnes, including production of gold from mineral reserves standing at 336.5 tonnes,” he said.

The output of mined gold should rise by 1.8% to 292 tonnes, of by-product gold should stay flat at 18 tonnes, of gold concentrate should increase by 7% to 26.5 tonnes, and of gold from scrap and waste should fall by 9.1% to 35 tonnes, he said.

Previously, the union expected Russia’s production of gold to amount to 370 tonnes this year.

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