Russia's Uzhuralzoloto saw production fall 17% in 2024 due to Rostekhnadzor restrictions, 2025 forecast at 12-14.4 tonnes of gold

MOSCOW. Feb 7 (Interfax) - The Uzhuralzoloto group of companies (UGC) saw gold production fall 17% in 2024, down to 10.6 tonnes.

"The decline in production results in 2024 was due to unforeseen circumstances - following the ban on mining operations imposed by Rostekhnadzor (the Federal Service for Environmental, Technological, and Nuclear Supervision) in August at four open-pit mines in the Ural hub," UGC's CFO Artem Kletskin was quoted as saying by the company. "Gold production was only resumed by the end of the year. The suspension of mining operations undoubtedly impacted our forecast for the current year. At this point, we have addressed all concerns and are following the regulator's recommendations."

UGC's production forecast for 2025 is 12-14.4 tonnes of gold, which suggests a 13%-35% increase compared to last year's level.