Russia’s largest gold company is running out of gold

Russia’s largest gold company is running out of gold

The discoveries of new gold deposits in Russia are much slower than mining, and as a result, the country may face the depletion of precious metal reserves.

Pavel Grachev, CEO of the largest Russian gold mining company Polyus, said this in an interview with RBC. According to him, a critical moment may come in the next few decades.

The current reserves of gold in the country are about 7.5-8 thousand tons, and the production of metal is kept at the level of 330 tons per year. “If this trend is not reversed, then on the horizon of 10-20 years the industry may face a structural shortage of the raw material base,” warned Grachev.

This will not immediately affect the price of gold, which is currently at $ 1761. But in the long run, Russia is an important player in both gold mining and sales. Until 3 years ago, Russia was the main buyer, after which it became one of the largest sellers of gold in the world.

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