en.Wedoany.com Reported - Russian Natural Resources Minister Alexander Kozlov told the official TASS news agency that the country's gold production could reach 480 to 500 tons in 2025, with output in 2024 also estimated at around 480 tons. If achieved, Russia would become the world's largest gold producer, but this figure is significantly higher than estimates from independent industry bodies.

Since the outbreak of the Russia-Ukraine conflict in 2022, the country has not released official gold production data. The announced figures surprised analysts. The World Gold Council (WGC) estimates that Russia produced approximately 330 tons of mined gold in 2024, second only to China's 380 tons. Russia's claimed output of 480 tons is about 50% higher than the WGC's assessment. Independent consultancy Metals Focus estimated last year's mined output at 345 tons, while the Russian magazine Gold and Technology put total production at around 360 tons. Analysts noted that no major new mines have been commissioned in Russia in recent years, making such a sharp increase difficult to explain.

Treasury data shows that in the three years through 2021, Russia's total gold output exceeded mined supply by about 50 to 60 tons annually. Analysts believe that rising gold prices and economic pressures in Russia may have increased supply from scrap recycling.

This production announcement comes amid heightened scrutiny of Russia's financial situation. According to Bloomberg this week, the Russian central bank may have raised over $4 billion by selling about 28 tons of gold extracted from its reserves this year. The bank began reducing its gold holdings in 2024 to help cover budget deficits related to the Ukraine conflict.

Russia's output estimates highlight how one of the world's largest gold producers has become increasingly opaque since Western sanctions undermined data transparency. If these figures are accurate, they would reshape global production rankings and indicate a substantial increase in Russian output that analysts have yet to see supported by existing mine development.

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