Byline: Emily Wrag
Russia is the world's largest official buyer of gold and the third largest gold producer in the world. However, it has not fully reached its potential in the international investment market, and this situation may change. It will double gold production or become the second largest gold producer in the world. Russia's interest in gold dates back many years, but has reached new heights in the past decade. During this period, the Central Bank of Russia's gold reserves increased by 1,250 metric tons, bringing the total reserves to 1,700 metric tons. As the world's sixth-largest gold reserve, these golds account for 17% of Russia's wealth.
Russia's largest gold miner plans to nearly double its gold mining, which could make Russia the world's second-largest producer of precious metals, Russia Today reported. Since 1995, Russia's gold production has almost doubled and it is now in third place. Mikhail Leskov, deputy director of the Moscow Institute of Geology and Technology, said that could change in less than a decade.
According to the British consulting company Metals Focus, in 2017 Russia mined 8.8 million ounces of gold, which is 8.3% of the total world production. It is reported that the recently opened gold mine will allow miners to increase production over seven years. By 2030, gold mining is...