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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (42121)	8/26/2009 11:44:17 AM
From: LoneClone	Read Replies (1) \| Respond to of 197257

Russian gold output jumps 21% Gold production in the country between January and July rose 21% on the back of several large new projects Author: Reuters Posted: Wednesday , 26 Aug 2009 MOSCOW (Reuters) - mineweb.co.za Russian gold output jumped 21% in the first seven months of the year due to the launch of several large projects in the country's far east, including Kinross Gold's (K.TO: Quote) Kupol mine in the remote Chukotka region. Russia, the world's fifth-largest gold miner, produced 101.77 tonnes of the precious metal between January and July, the Russian Gold Industrialists' Union said on Wednesday. In the same period of 2008, it produced 84.13 tonnes. Russia produced about 8% of the world's gold last year and plans to significantly increase this share by developing its reserves that are second only to South Africa's. The union attributed the latest increase to the launch of production at Kupol, which has catapulted Chukotka to the top of Russia's gold-producing league, as well as the Karalveyem mine in the same region. Peter Hambro Mining's (POG.L: Quote) Pioneer project in Amur region and the Aginskoye project, run by Kamgold on the far eastern peninsula of Kamchatka, also contributed to the rise, the union said. Production of gold from mines rose 21.7% year-on-year to 89.18 tonnes, the union said. Output achieved by refining gold from scrap rose 2.9% to 4.00 tonnes and gold produced as a by-product of other metals rose 23.4% to 8.58 tonnes. Chukotka, a region governed until last year by billionaire Roman Abramovich, produced 18.67 tonnes of gold in the first seven months of 2009, or 18.3% of the national total, data from the union showed. The second-biggest producing region was Krasnoyarsk, where Polyus Gold (PLZL.MM: Quote) operates the Olympiada mine, with a 17.7% market share. The far eastern regions of Amur, Yakutia and Khabarovsk were third, fourth and fifth respectively in terms of production. (Reporting by Robin Paxton)