Russia will become World leader in gold production by 2035

By Rhod Mackenzie

By 2035, Russia will increase its gold production by 27% and become the world's leading producer of this precious metal, according to the telegram channel of Alexander Kozlov, the Minister of Natural Resources and Ecology of the Russian Federation.

According to Vestnik Zolotopromyshlennika, ( Herald of the Gold Miner) the production of gold in Russia in 2022 will grow from 329.5 tonnes, to 420 tonnes by 2035. .

The Ministry of Natural Resources has developed a plan to support the geological exploration of 11 Far Eastern regions, which will facilitate the discovery of about a thousand new deposits of various minerals. According to the programme for geological exploration of the Far East, by 2035 the volume of investment in the industry will grow from 358 to 695 billion roubles, and budget revenues to the constituent entities will increase from 48.6 to 73 billion roubles.

The preliminary economic impact is expected to reach about 3 trillion roubles - for every 1 rouble invested in geological exploration, the budget will receive in return 13.5 roubles in revenues.

"As a result, we will maintain and in some cases strengthen our global leadership. In natural gas - first in the world. In gold - first, in copper - fifth. Plus in such scarce commodities as tungsten, lithium, uranium and rare earth metals, we will be among the world's top four. In the case of lithium, by the way, we now have a current production level of zero," the publication notes.

The Ministry of Natural Resources is proposing to integrate the Far East geological study programme into the federal project "Geology: Revival of a Legend", which has already been adopted and successfully implemented in other regions of the country.