Russia’s Minister of Natural Resources, Alexander Kozlov, has stated that the country could produce between 480 and 500 tonnes of gold in 2026. If achieved, this level of output would place Russia ahead of China and make it the world’s largest gold producer.
According to the minister, Russian gold production in 2025 also reached approximately 480 tonnes. However, these figures have raised questions among industry analysts. The World Gold Council estimated Russia’s 2024 gold production at just 330 tonnes, while independent consultancy Metals Focus reported 345 tonnes. Russian industry publication Gold and Technologies placed the figure at around 360 tonnes.
The discrepancy between official statements and independent estimates reaches nearly 50%. Russia has not published official gold production statistics since 2022, making verification difficult. Industry experts note that no major new gold deposits have entered production in recent years that would clearly explain such a significant increase in output.
According to data from the World Gold Council, China produced 380 tonnes of gold in 2025, retaining its position as the world’s leading producer. If Russia’s reported figures are accurate, the country would indeed surpass Chinese output.
Gold production data has gained additional significance amid current economic conditions. According to Bloomberg, the Bank of Russia sold approximately 28 tonnes of gold from its reserves, generating more than $4 billion in revenue. The proceeds reportedly helped offset budget pressures associated with elevated government expenditures.
Analysts also point out that high gold prices and economic pressures may have increased the supply of recycled precious metals. Data from Russia’s Ministry of Finance indicates that before 2021, the country’s total gold production regularly exceeded mine output by 50–60 tonnes per year due to secondary sources such as scrap and recycling.
If the figures presented by Russian authorities prove accurate, they could significantly alter the global ranking of gold-producing countries. For now, however, experts remain unable to identify which specific mining operations or deposits could account for such a substantial increase in reported production.
Source: Mining.com
