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    Russia says it mined enough gold to beat China: data and supply lens for engineers

    June 3, 2026|

    Reviewed by Tom Sullivan

    Russia says it mined enough gold to beat China: data and supply lens for engineers

    First reported on MINING.com

    30 Second Briefing

    Russia claims it will mine 480–500 tonnes of gold in 2025 and that 2024 output was about 480 tonnes, which would exceed China’s 380-tonne 2024 production and contradict World Gold Council and Metals Focus estimates of 330–345 tonnes for Russia. The figures, issued by Natural Resources Minister Alexander Kozlov via Tass, are around 50% above widely used industry assessments despite no major new Russian gold mines coming online. Bloomberg also reports the Bank of Russia has sold about 28 tonnes of gold this year, raising over $4 billion to help plug budget deficits.

    Technical Brief

    • That 50–60 t/year gap implies substantial secondary/scrap and by-product feed into refineries.
    • Data opacity in Russia complicates reserve–resource reconciliation, project benchmarking and cost-curve placement for gold assets.

    Our Take

    The World Gold Council figures cited here sit alongside its broader work on record central-bank buying and reserve diversification in 2025–26, so any sustained Russian mine output near the 480–500 t range would further entrench gold’s role as a quasi-currency asset in our recent gold-price coverage.

    The gap between Russia’s self-reported gold mine production and the World Gold Council/Metals Focus estimates mirrors the data uncertainty already highlighted in our database for other reserve-heavy producers, which complicates supply modelling for traders now dealing with spot prices above $4,500/oz in 2026.

    Canada’s extension of tariffs on Russian steel and aluminium, noted alongside gold in this piece, signals that Russian-origin metals more broadly are likely to face persistent market-access frictions, which in practice can redirect Russian gold flows towards non-Western buyers even as nominal production rises.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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