According to Rosstat, gold production in Russia in 2025 increased by 11.8% compared to the previous year. A particularly sharp jump was recorded in December, when volumes increased by 76% compared to December 2024.
Experts, however, warn against directly interpreting these figures as a rapid increase in the physical extraction of metal from the subsoil. As Mikhail Leskov, chief editor of the Gold and Technologies magazine, explained, production statistics reflect not only mining new ore, but also processing of accumulated raw materials.
The strong rally in gold prices through 2025 has created a so-called “window of opportunity” for companies. This prompted subsoil users to more actively involve reserves of concentrates and profitable raw materials in processing, including those previously considered “off-balance sheet”. A significant part of the production, deliberately accumulated throughout the year in anticipation of peak prices, was sold in December.
The statistics were also influenced by increased recycling, which always increases when purchasing prices rise. Thus, the December dynamics are largely related to the pricing environment, logistics and sales cycles.
Despite experts’ reservations, the overall increase in gold production by 11.8% for the year is a positive signal for the industry. It reflects both the market reaction to favorable prices and real production growth, which is estimated to be around 10% for 2025.
Source: @zolteh
