Gold production in Russia may reach a peak of 600 tons per year by 2030, according to a forecast by the Central Scientific and Research Geological Exploration Institute for Base and Precious Metals.
Vedomosti, citing the institute, reports that 600 tons of gold production is the base scenario. In a progressive scenario, which includes forecast resources and reserves from the unallocated fund currently under development, production will exceed 700 tons. There is also a third, conservative scenario, in which new projects in Russia will not be launched at all. In this case, peak production will be reached in 2024.
The institute's forecast is based on such facts as a limited increase in reserves at gold deposits, slow paces of development of new gold deposits at complex multi-mineral projects, and a general deterioration in the structure of reserves.
The share of industrial category (ABC1) reserves has fallen from a high of 67% in 2008 to the current 56%. By 2040, gold production in Russia will drop below 400 tons per year in the base scenario and below 500 tons in the progressive scenario, the institute reports.
Gold production in Russia amounted to 371 tons in 2022, which includes scrap processing. By the end of 2023, it will likely increase to 390 tons. About 85% of these volumes come from mining activities.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
