Bloomberg/Yuliya Fedorinova
“An audit showed Sukhoi Log has 40 million ounces of proven reserves as measured by international JORC standards, with an average gold content of 2.3 grams per ton, Chief Executive Officer Pavel Grachev said. That means the field — accounting for more than a quarter of Russian gold reserves — is bigger than Seabridge Gold Inc.’s KSM Project in Canada and Donlin Gold in Alaska.”
USAGOLD note: The deposit is still several years away from being fully exploited. Russia is now the world’s third-largest gold producer with aspirations of becoming the largest. It mined 310 metric tonnes of gold in 2019. China was first at 420 metric tonnes and Australia second at 330 tonnes. The United States, owing mostly to production in Nevada, is fourth at 200 metric tonnes. By this announcement, the total reserves for Russia grew almost 1250 tonnes.
World Gold Production by Country Source: U.S. Geological Survey (in metric tonnes)
Repost from 10-24-2020
