13 Aug 2009 13:28

Kinross could claim No.2 Russian gold producer status

MOSCOW. Aug 13 (Interfax) - Kinross Gold might have become Russia's second biggest gold miner in the first half of 2009.

The Canadian company said in a news release that it produced 368,541 attributable gold equivalent ounces at the Kupol mine in Chukotka in the half.

Kinross owns 75% of a joint venture that operates the Kupol mine. The local partner, the Chukotka government, claimed the other 122,847 oz of the overall 491,388 gold equivalent ounces that the mine produced in the half.

Kinross did not say how much actual gold it produced. Its peers Peter Hambro Mining (PHM) mined 222,600 oz, and Polymetal (PMTL) produced 133,000 oz in the half.

Polyus Gold is the clear leader in the Russian gold industry with 477,000 oz of gold in the half.

Worldwide gold production by Kinross grew 47.3% to 1.087 million oz in gold equivalent in the half.