Gold production in Russia between January and October was more than 250,000 oz. higher than in the comparable period of 1998, according to figures released by the country’s Ministry of Economics.
About 3.3 million oz. of the yellow metal were produced during the first 10 months of the year, compared with 3.1 million oz. a year ago. According to Economics Minister Nikolai Kolmogorov, the increase is the result of consistent output from the Kubaka gold mine in the Magadan region and higher rates of production at a placer deposit being worked by small-scale miners. The ministry also credits new equipment at mines throughout the region with boosting production.
Magadan remains the country’s most prolific gold region, having produced 820,000 oz. in the first 10 months. Omolon Gold, operator of the Kubaka mine, was the largest producer in Magadan, at about 397,000 oz. Omolon is partly owned by several Western firms, including Toronto’s Kinross Gold and Vancouver’s Western Pinnacle Mining, and stands head-and-shoulders above other producers in the region. The next largest producer, at about 65,000 oz., was the Susuman mining complex.
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