Sunday, April 24, 2005

Russian Gold Mine Production plummets 10.65%

Here is more evidence to suggest that global gold supply will not meet global gold demand in 2005 and beyond. The 1st quarter report from the Russian Gold Producers Union:

Russian gold mine production has plummeted 10.65% year on year in the first quarter of 2005 to 22.350 tonnes, its biggest drop since 1998, Valery Braiko, head of the Russian Gold producers' Union, told Interfax.

Valery Braiko said the total included gold mine production, recoveries from scrap gold and byproduct gold production. He said gold mine production fell 11.6% to 16.701 tonnes, gold recoveries fell 1.6% to 3.051 tonnes and byproduct gold output fell 13.7% to 2.599 tonnes.

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