Monday, 23rd July 2007 (2566 views)

Gold mining company's in Russia have outlined plans to expand the country's gold reserves and production three-fold by 2015, it has been revealed.

Reuters reports that governor Alexander Khloponin forecast the increase in production for the 2014 Winter Olympics in the country.

In 2006 Russia produced 164.32 tonnes of gold, giving it a ranking of sixth in the world's largest miners.

Planned expansions by Russia's largest four gold producers include Polyus Gold, Highland Gold Mining, Polymetal and Kinross which Reuters claims could become Russia's second-largest gold miner following the start-up of its Kupol project in Chukotka.

"We've been through a difficult period. Now, I think the mining sector in Russia is getting better," Vladimir Sushkevich, head of the technical department at Olimpiada, told Reuters.

Olimpiada, is 500 km north of Krasnoyarsk near the Siberian town of Severo-Yeniseisky and is Russia's largest gold mine.

 

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