Russia, despite its shaky foreign relations, is a powerhouse when it comes to gold production, due to having some large mines and deposits that produce enough gold to put them on the third spot of global gold producers in 2014, even surpassing its main rival, the US.
Russia’s gold production frontliners include the Olimpiada mine, which has been in operation since 1996, the local stalwarts Petropavlovsk and Nord Gold, with Canadian-based mining company Kinross Gold Corp. also contributing.
The gold sources in Russia include the Russian government-owned Sukhoi Log deposit, which reportedly rivals the world’s largest mine, Indonesia’s FreePortMcMorRan Grasberg, in the amount of mineral reserves it has. Russia once tried to sell the mine, but the attempt has not borne fruit (which is probably affected by the fact that the mine is situated in Siberia.) There’s also the Natalka mine, which is responsible for nearly 60 million oz of gold.
Russia’s gold industry has seen growth over the last couple of decades, showing consistent growth on a yearly basis ever since its rocky start in 2004, which only saw 5,107 million oz of gold produced compared to 2014’s 7 million oz. While Russia is not as secretive as China when it comes to their gold production, it still holds much of its cards closer to its chest so one cannot easily judge just how much growth they have experienced in the last couple of years.