economy
Russian authorities announced record gold production. The difference with real production may exceed 100 tons
The head of the Ministry of Natural Resources, Alexander Kozlov, stated in an interview with RIA Novosti that gold production in Russia in 2025 will be 480–485 tons, and in 2026 it may reach 480–500 tons. At first glance, these figures seem sensational: independent estimates are significantly more modest. According to a report by Metals Focus, gold production in Russia in 2025 was about 345 tons, compared to 330 tons a year earlier.
TL;DR
- Russia's Ministry of Natural Resources projects gold production of 480-500 tons by 2025-2026, while independent estimates are around 330-345 tons.
- The difference is due to the ministry reporting 'extraction' (gold in raw ore) instead of 'production' (refined gold).
- Losses during mining (dilution) and processing (recovery rates) can reduce the final refined gold yield by 30% or more.
- New projects, like the Sukhoi Log deposit, are expected to significantly boost Russia's actual gold output in the future.