Thursday, 23rd June 2005 (3368 views)

Latest figures have shown that gold production was up 3.7 per cent year-on-year in January to May this year.

A total of 41.2 tonnes were produced and this could reach as much as 183 tonnes over 2005, according to the Russian Gold Producers' Union.

In addition, a total of 150 tonnes of gold had reportedly been ordered by 37 commercial banks from Russian producers by the middle of June this year.

However a source at the Gokhran or precious metals and gemstones repository told Russian news agency Interfax that 51 banks ordered 194.5 tonnes of gold last year.

Russia only produced 180.5 tonnes of gold last year and the repository warned that banks do not always purchase as much gold as they order.

 

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