MOSCOW Aug 14 Russia's gold producers' lobby
has upgraded its 2014 output forecast to 275 tonnes after the
industry boosted production by 26.6 percent in the first half of
the year, the Gold Industrialists' Union said on Thursday.
That would put it ahead of last year's production figure
from number two gold producer Australia, which mined 266.1
tonnes of the metal, in 2013, and make it second only to China
in terms of primary output of the metal.
Global gold prices fell 28 percent in 2013 and are
currently up about 9 percent since the start of 2014.
"They are increasing production to compensate for a gold
price decline," lobby head Sergei Kashuba told Reuters.
Previously it expected Russian gold output to fall by 5 percent
in 2014 from a record level of 254 tonnes in 2013.
Total gold production rose by 26.6 percent year-on-year to
116.7 tonnes in January-June, including output from mines, from
gold as a by-product of other metals, refined from scrap, and
gold containing concentrate.
Mined output rose 17.4 percent year-on-year to 89.2 tonnes,
the lobby said in a statement.
The Union has also recently asked the government to impose
floating mineral extraction tax rate for gold miners against the
current fixed 6 percent rate, Kashuba added. The Union did not
get an answer yet, he said.
(Reporting by Svetlana Burmistrova and Polina Devitt;
Additional reporting by Jan Harvey in London, editing by William