Russia could reduce gold outputRussia could reduce gold output to 2000 level by end of decade
MOSCOW. Dec 19 (Interfax) - Russia could reduce gold production 13% compared with this year's anticipated total to 130.7 tonnes by 2010 - as much as the country mined in 2000, Valery Braiko, head of the Russian Gold Prospectors' Union, said at the Union's congress.
Braiko said that gold mine production in 2005 would fall by 10 tonnes to 150 tonnes. Overall output, including mined gold, byproduct mine production and gold recovered from scrap, would be 170 tonnes, compared with 180.5 tonnes in 2004, he said.
Braiko said production would fall in 2005 due to a drop in mine production by all major producers except Polymetal.
Braiko also said that Russian jewelers were consuming about 40 tonnes of gold per year and that banks were buying around 100 tonnes.