Russia Strengthens Its Position as the World’s Second-Largest Gold Producer
Russia retained its position as the world’s second-largest gold producer in 2024, behind only China — marking another year of robust growth, major discoveries, and intensified asset consolidation across the mining sector.
According to RIA Novosti estimates based on national agency data and Rosstat, Russia produced approximately 330 tonnes of gold in 2024, a 5.3% increase from the previous year.
A Record Year for Exploration
In 2024, 229 new gold deposits were discovered across Russia — the highest in recent years. The Ministry of Natural Resources reported that total gold reserves, including new finds and further exploration of existing sites, expanded by 804.6 tonnes.
The largest discovery was the Drevny deposit in the Magadan Region, with an estimated 104 tonnes of reserves.
Minister of Natural Resources Alexander Kozlov highlighted the growing role of private investment in exploration, driven by sustained demand for gold.
Private investment rose from ₽48.4 billion in 2022 to over ₽80 billion in 2024, while public investment led to the discovery of the Yuzhno-Podolskoye deposit in Bashkortostan and the Shameyskoye deposit in the Sverdlovsk Region, together adding 19.1 tonnes of reserves.
Over the past five years, Russia’s total gold reserves have grown by 4,560 tonnes—more than double the country’s production during the same period. The leading gold-producing regions include Krasnoyarsk Krai, Yakutia, Magadan Oblast, Khabarovsk Krai, and Irkutsk Oblast.
Industry Leaders and Consolidation Trends
Russia’s top ten gold mining companies produced around 248 tonnes in 2024, accounting for roughly 72% of total output, according to Mikhail Leskov, Editor-in-Chief of Gold and Technology magazine.
Polyus retained its leadership with a 7% increase to 93.4 tonnes, followed by:
- Highland Gold – 33 tonnes (+12%)
- UMMC-affiliated companies – 32.6 tonnes (-4%)
- Polymetal – 24.5 tonnes (-9%)
- Nordgold – 16 tonnes (+10%)
- Pavlik – 12.8 tonnes (+38%)
- Norilsk Nickel Group – 11 tonnes (stable)
- YUGK (Yuzhuralzoloto) – 10.6 tonnes (-27%)
- The Highest – 8 tonnes
- Seligdar – 7.7 tonnes (-7%)
The entry threshold for the top 10 fell from 8.3 tonnes in 2023 to 7.7 tonnes in 2024, signalling some production slowdown among smaller players.
The year also saw active ownership restructuring. Polyus sold its Bamsky project to Atlas Mining and the Degdekan deposit to Alrosa, while Lenzoloto assets were transferred to the OKTO Group.
This wave of transactions reflects a sector-wide focus on core assets and capital reallocation toward high-potential projects.
“Ongoing consolidation has reduced the number of attractive acquisition targets, sharply driving up asset prices,” Leskov explained. “Larger companies are monetising non-core assets to reduce debt and fund new developments, while mid-tier miners are using these opportunities to enter the market and revitalise competition.”
Outlook: Growth Momentum to Continue
According to Fitch Solutions, Russia’s gold production is projected to rise from 11.3 million ounces in 2020 to 15.5 million ounces by 2029, with an average annual growth rate of 3.7%. This trajectory could potentially allow Russia to overtake China as the global leader, increasing its share of global output from 10.6% to 11.6%.
The Central Bank of Russia’s sustained gold purchases and the government’s ongoing support for domestic producers remain key growth drivers, even amid international sanctions.
Oleg Kazanov, Head of Rosnedra, confirmed that geological exploration in Chukotka, Irkutsk, and Khabarovsk Krai will continue under the “Geology: Renewing Hope” programme (2025–2027), targeting an additional 255 tonnes in reserves.
Overall, 2025 is expected to bring continued growth, deeper consolidation, and new strategic partnerships across the gold mining landscape.
Gold Mining Innovation on Display at MiningWorld Russia 2026
The 2025 edition of MiningWorld Russia brought together over 10,500 professionals from 82 Russian regions and 39 countries at Crocus Expo, Moscow. Nearly half of all attendees (49%) expressed specific interest in mining equipment, and 47% reported purchasing budgets exceeding ₽50 million.
The exhibition’s business programme included the annual “Gold and Technology” conference, focusing on production forecasts, sustainability, technological modernisation, and market regulation. The platform encouraged open dialogue between government, industry leaders, and investors.
For equipment manufacturers and technology suppliers, MiningWorld Russia 2026 presents an unparalleled opportunity to meet high-value buyers, showcase innovations, and secure contracts in one of the world’s most dynamic mining markets.