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12

Russian Gold Refineries Production Decreased

Russian gold refineries received 82.4034 tonnes of gold for processing between

Russian gold refineries received 82.4034 tonnes of gold for processing between January 1 and July 31, a decrease of 5.5 percent from the same period of 2004, said Russia?s Union of Gold Producers head Valery Braiko, the Prime-Tass agency said on Monday.

For comparison, 87.1799 tonnes of gold were delivered for refining in the first seven months of 2004.

The Amur, Chita, and Irkutsk regions, as well as the Chukchi Autonomous Area and the Republic of Khakassia continue to increase gold mining.

Khabarovsk gold mining companies are lagging behind in terms of production volumes. They extracted 8.5 tonnes of gold over the period under review, which is 2.82 tonnes less than in the same period of last year.

Miners in the Krasnoyarsk Territory extracted 15.136 tonnes of gold, a decrease about two tonnes versus their own figures in 2004, Braiko said.

The Khabarovsk-based gold producing companies Amur and Mnogovershinnoye show a major drop in gold mining of 2.5 and 1.3 tonnes respectively.

Even Russia?s largest gold producer Polyus, controlled by the country?s biggest metal producer Norilsk Nickel and located in Krasnoyarsk, reduced its gold extraction by 1.9 tonnes.

Russia?s Union of Gold Producers predicts that the country will increase its overall gold production from 180.5 tonnes of in 2004 to 183 tonnes in 2005.