The head of the Russian Federal Agency for Mineral Resources, Oleg Kazanov, announced that Russia is successfully replenishing its reserves of precious metals, especially gold and silver, at a rate exceeding the annual production volume.
In an interview with Novosti news agency, Kazanov explained: “Regarding gold and silver, we are achieving reserve replenishment compared to production. For example, we added 542 tons of gold, while production in 2024 amounted to about 477.6 tons.”
He also pointed out that silver reserves amounted to 4.4 thousand tons, while production was 2.4 thousand tons, stressing that Russia is working to strengthen its primary resource base at an increasing pace.
The State Commission on Mineral Reserves reported that gold reserves in Russia increased by about 900 tons by the end of 2024, while silver reserves increased by 2.8 thousand tons.
These data reflect a significant development in Russia’s precious mineral resource base, in light of the wide fluctuations and geopolitical changes in global markets that significantly affect commodity markets.
