The increase in proven gold reserves in Russia in 2023 significantly exceeded its production figures

Last year, the increase in gold reserves explored by geologists in Russia amounted to more than 700 tons. At the same time, preliminary results for the production of this precious metal in 2023, according to the Ministry of Natural Resources of the Russian Federation, are estimated at 421,8 tons.

It is interesting to note that the current increase in gold exploration is noticeably higher than from 2021 to 2023. So, in 2021 it amounted to 574 tons against production of 438,37 tons. The next year, the figures were about 1,38 thousand tons, production - about 421,7 tons.



The department also notes that out of 168 new deposits explored last year, 142 were gold. In addition, the federal project “Geology: Revival of a Legend” provides for large-scale geological exploration work to search for gold in Siberia and the Far East until 2030.

At the same time, the Ministry of Natural Resources reports an increase in the cost of such work due to its implementation in poorly studied areas, which requires additional costs. Inflation also affects the cost of geological exploration. In 2024, the state allocated 2,5 billion rubles for the exploration of gold deposits, and over the entire last year 2,861 billion rubles were spent for these purposes.

Meanwhile, according to the Union of Prospectors of the Russian Federation, Russia holds first place in the world in the extraction of gold from placers. Most of the placer precious metal is mined in Siberia.