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Gold extraction in Russia increases by 11.2% in seven months of 2013

However, gold extraction may decrease due to low prices

MOSCOW, October 2 (Itar-Tass) - Gold extraction and production in Russia have increased by 11.2% in the seven months of 2013 and reached 119,500 tons as compared with the same period of 2012, the Union of Russian Gold Producers reported.

In January-June 2013 the extraction of gold increased by 8.9% (102.44 tons) while scrap production increased by 87% (up 7.91 tons). Gold byproduct decreased by 0.1% and reached 9.18 tons.

The extraction of gold has grown in the Krabarovsk, Krasnoyarsk and Trans-Baikal territories, the Magadan region and others. However, the extraction of gold decreased on the Kamchatka Peninsula and the Republic of Buryatia.

The Union says in the first six months of 2013 Russian enterprises tripled export of gold concentrates as compared with the same period of last year.

Gold extraction and production has grown annually since 2008 due to the rise in prices for precious metals and the implementation of several key projects.

The Union forecasts that Russia will extract and produce 234 tons of gold in 2013. At the same time, it warned that gold extraction could decrease due to low prices.

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