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. Last Updated: 07/27/2016

Gold Mines' Production Up on 1998

Russia's gold output in the first 10 months of this year rose to 104.955 metric tons from 97.026 tons in the first 10 months of 1998, an official at Gokhran, the state precious metals and gems reserve, said Tuesday.

Valery Goncharov, the head of Gokhran's gold industry development department, told a conference that last year Russia produced 114.003 tons of gold.

Accurate gold production data has been unobtainable since last year when the official statistics agency stopped publishing it.

Natural Resources Minister Boris Yatskevich said recently that the country would produce 110 tons to 120 tons of gold this year, which, he said, was roughly the same amount as in 1998.

Goncharov did not give a Gokhran forecast for gold output this year, but he said that commercial banks, the main buyers of gold from producers, had already signed contracts to buy 105.1 tons of gold, up from 92.3 tons of gold in the whole of 1998.

He said that last year commercial banks exported over 80 percent of the gold they had bought, but, this year, exports became unprofitable after a 5 percent tariff on precious metals exports was introduced in April.