London — Russia — the second-largest gold producer in 2020, yielding only to China — stands a chance to become the world’s largest producer of yellow metal in this decade, as it keeps expanding mining operations while China ramps them down, according to consultancy and analytics firm Institute of Geotechnologies.
Russia tripled its gold production over the last 20 years, and between 2010-2019, it grew by an average of 5.5% per year compared to 3% annual increases in the world’s total.
In 2020, Russia delivered 0.6% more gold (excluding recycled volumes) than in 2019 whereas global production fell 5%.
With its estimated 331 tons in 2020, Russia ranked second in terms of global gold output accounting for 9% of the world’s total, Institute of Geotechnologies wrote in a presentation seen by S&P Global Platts May 6. Production in China declined 3.8% on the year to 368 tons.
If Russia maintains its current growth trajectory, it may become the world leader in gold mining as soon as this decade, the institute claims.