POST Online Media Lite Edition



 

Next three years will be difficult for gold production in Russia’s Chukotka

Staff Writer |
The next three years will be difficult for Russia’s Chukotka autonomous District due to reduction of gold production there, Roman Kopin the District’s governor told TASS.

Article continues below






This is caused by the fact that large gold production projects are coming to an end and the new ones are yet to be put into operation, he said.

"The peculiarity of gold projects is that they are usually relatively small and have a finite service life of 5, 10, 15 years, sooner or later they end.

"Chukotka is now in a situation when large projects are starting to end and the new ones are yet to be launched.

"Therefore the three years 2017, 2018 and 2019 will be quite difficult for Chukotka, because this time will be marked by a decrease in the extraction of precious metals," Kopin said.


What to read next

Altai Mountains estimated to have gold reserves worth $850 million
China closing 150 gold mines and up productivity
Peru’s gold reserves are world’s sixth largest