Russia could up gold production 6% to 240 tonnes in 2013 - union
MOSCOW. Nov 20 (Interfax) - Russia could boost gold production 6% this year.
The Gold Producers Union said in an analytical review that it had raised its 2013 production forecast from 234 to 240 tonnes.
Russia produced 226 tonnes of gold in 2012.
The original forecast was made at the start of the year, but it was reviewed once the results for January-September were known and expectation for secondary gold production, or recoveries from scrap, increased. At the same time forecasts for mine output and incidental or byproduct gold decreased.
Adjusted gold production forecast in 2013 (tonnes):
| 2012 | 2013 (original forecast) | 2013 (revised forecast | 2012/2013 (revised), % | |
| Production, total | 226 | 234 | 240 | +6 |
| Of which: mined gold | 195,8 | 208 | 205 | +5 |
| Incidental gold | 17,5 | 17,5 | 16 | -9 |
| Secondary gold | 8,5 | 8,5 | 13 | +53 |
| Gold in concentrates | 4 | - | 6 | +50 |
Combined gold production and concentrate exports rose 13.4% year-on-year in the 9M to 185.963 tonne, the Gold Producers Union has said.
Russia mined 156.609 tonnes of gold in January-September, 8.4% more than in the same period of last year. Mine output grew 6.4% in September to 1.58 tonnes. Incidental or byproduct gold production grew 6.2% year-on-year in January-September to 12.559 tonnes and secondary production or recoveries from scrap grew 160% to 4.875 tonnes.
The Union also said silver production could edge up 0.6% this year to 1,600 tonnes. This grew 1% in January-September to 1,291 tonnes.
The Union estimates gold will average at $1,350/oz this year.
