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RUSSIAN GOLD Russian Gold Industry Looks Toward a Period of Stable Growth Russia intends to move to third place on the list of the world's largest gold miners by 2016 By Vladislav Vorotnikov Russia ranks fourth in the world gold production. In 2012, the country produced about 212 mt of gold. For the first time ever in modern Russia's history, its output surpassed total production from South Africa. Russia has the second largest gold reserves in the world, as well as significant probable reserves—about 18,000 metric tons (mt). The largest share of gold reserves are located in the eastern regions, in southern Siberia, and in the Ural region. Russia has identified 5,862 gold fields including 5,443 placer, 419 hard rock and 133 complex fields. According to the official forecast by government experts, the country's gold mining industry is now entering a period of "stable growth" with the main operational figures rising by 4%-5% per year until 2020. As a result of this trend, The Russian Union of Gold Miners expects that in the next three years, through a number of investment projects and the development of new gold deposits, Russia will move to third place among the largest gold miners, producing an estimated 250 mt and overtaking the United States by 2016. The Structure of the Russian Gold Mining Industry In 2012, the level of mining in Russia rose by 7.2% to 212 mt in year-on-year figures, as announced in mid-February by Sergei Kashuba, chairman of the Russian Union of Gold Miners. According to Kashuba, the level of mining will rise steadily until 2020, which will allow the government to maintain high prices for this precious metal on the market. Seligdar has successfully employed heap-leaching technology for gold extraction in the Republic of Sakha (Yakutia), which endures severe swings in climate. According to official statistics reported by the Russian Federal Statistics Service (Rosstat) in 2012, the level of gold mining rose in: • Krasnoyarsk Krai by 11.3% to 44,041.1 kg; • Amur Oblast by 0.5% to 29,265.8 kg; • Republic of Yakutia by 9.6% to 21,222.5 kg; • Magadan Oblast by 30% to 19,659.5 kg; Table 1: The Largest Gold Deposits in Russia No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Gold Deposit Natalkinskoi Sukhoi Log Hezhdaninskoi Olimpiada Blagodatnoi Maiski Kuchus Kupol Kuranah Pioneer Svetlinskoi Darasun Vnogovershinnoi Veduga Vorontsovskoi 64 E&MJ; • JUNE 2013 Owner Polyus Gold State Polyus Gold Polyus Gold Polyus Gold Highland Gold Polyus Gold Bema Gold Polyus Gold Peter Hambro Mining Uzuralzoloto Highland Gold Highland Gold Trans-Siberian Gold+Sigma Polimetal Gold Content (grams per mt) 01.7 02.7 05.0 03.9 02.4 16.3 09.8 16.9 01.7 01.4 02.6 10.3 07.7 N. A. 04.9 Resources (mt/ million ounces) 1,500 / 48.0 1,029 / 33.0 0,477 / 15.0 0,377 / 12.0 0,222 / 07.0 0,136 / 04.0 0,136 / 04.0 0,120 / 03.8 0,110 / 03.5 0,100 / 03.0 0,100 / 03.0 00,96 / 03.0 00,87 / 02.8 00,72 / 02.3 00,62 / 02.0 www.e-mj.com