Russia’s Far Eastern Region Boosts Gold Production Despite Pandemic

Gold output in Russia’s Chukotka Autonomous Region has increased by 6.7 percent over the first six months of the year, amounting to more than 11.5 tons, Russia Today reported.

Chukotka is one of the fastest-growing, investment-friendly gold-producing regions in Russia, with immense exploratory potential. It is also one of the regions least affected by the global coronavirus pandemic, with just 150 infections.

According to the report, five gold mining enterprises are currently working in the region. The highest output level has been recorded at the Kupol deposit, where 5.2 tons of gold and 42.8 tons of silver have been mined since January.

Data showed that all three mining fields in the region – Valunistoye, Mayskoye and Dvoinoye – have increased gold production. In addition, the total amount of silver at the fields exceeded 52 tons, which is 97 percent of the volume for the same period last year.

In June, eight enterprises started mining stream-gold in the region. During the month, they mined more than 403.5 kilograms, which is almost 60 kilograms more compared to the same period last year.

Russian gold production has been growing steadily, with the country adding to its huge forex reserves, which are currently estimated at more than $570 billion. The bullion holdings alone are worth over $126 billion, according to the country’s central bank. With the price of gold rising, Russia has also become one of the world’s biggest exporters of the precious metal.

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