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Thursday, 4th December 2008 (1464 views)

Gold output in Russia rose during the first ten months of 2008 by almost ten per cent, new figures reveal.

According to data from the Russian Gold Industrialists Union, gold output increased by 9.8 per cent to 152.54 tonnes over the period, compared with 138.93 tonnes for the same ten months of 2007, Reuters reports.

The union is forecasting an annual output rise of eight per cent for 2008 to around 176 tonnes.

Russia's gold industry has experienced five years of decline and output from mines rose by over ten per cent between January and October this year.

Severstal Resources has purchased a 50.1 per cent controlling stake in High River Gold Mines of Canada as the Russian steelmaker expands its gold mining operations.

The National Geological Prospecting Company of Russia has announced that it has discovered a new gold field in east Siberia with estimated reserves of as much as 100 metric tonnes of gold.

 

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