It is probably no surprise to you that Russia is rich with gold. It is the largest country in the world, covering over 6.6 million square miles. Natural resource are the backbone of their economy, and gold mining is a major part of that.
The remoteness and harsh cold climate of this country also means that Russia probably has a lot of undiscovered gold deposits. From time to time, a story will come out that reports some big gold nugget discoveries. Of course, we probably only hear about a small amount of the gold found.
Lets take a look at some of the early mining history in Russia as well as the regions where gold is known to exist.
Early Mining History
The first gold discovery of gold in Russia was in 1745 when a peasant discovered some gold flakes on the eastern region of the Ural Mountains. Many additional discoveries have been found here since, including perhaps the richest auriferous placers in Russia at the River Miass.
Earlier expeditions to search for mineral happened much earlier than those that have been documented. There is a high likelihood that indigenous people knew of gold well before that time. The Ural Mountains have a highly diverse mineral complex.
Other discoveries were made in the remoter eastern side of the country, in Siberia, and north of China and Mongolia. The harsh climate, particularly the ground hidden under the ice likely holds gold deposits that have never been found.
Mining Gold in Russia
Russia holds some of the largest gold reserves in the world. There is still great potential for gold in this country.
It is on record that Russia has most of its major gold producing locations in the eastern region. Among them are Krasnoyarsk, Irkutsk, Magadan, Amur and Chelyabinsk. Krasnoyarsk holds records of being the most productive mining area among them all, as its production is world-class standard.
The location produces many thousands of ounces of gold and for that reason, it also attracts a lot of players in the industry.
Increasing Production of Gold and Other Metals
Mining production in Russia has been reported to be on the increase, and it is expected to continue with the trend. Of course, mining trends are affected by the price of gold, and a slow decline in price over the past few years has impacted the industry. Nevertheless, with so many rich gold deposits in Russia that are very profitable to work and recent reports have even stated that the country may be able to double or even triple production in the coming years.
The gold mining industry in Russia has been so promising and has built confidence so much that it has attracted three major mining companies namely Polyus Gold, Polymetal and Petropavlovsk. Polyus is the largest in terms of productivity.
It is also necessary to note that, in terms of world rankings, Russia holds the third position in gold production. But with the potential it has, especially that private players are slowly gaining the momentum, it is may likely change its position soon.
International Mining Corporations in Russia
Russia is known to host a lot of gold deposits in a number of locations, which hold huge potentials to increase the production levels. As a matter of fact, a number of private entities have been brought on board to participate in gold mining. Good examples of such entities include Kinross Gold Corp, Bema Gold Corp, Highland Gold Mining Ltd and High River Gold Mines.
Also Read: Minerals Associated with Natural Gold
The Major Open Pit Mines
The most productive gold mines in Russia are operated under the open pit type of mining, such as the Berezitovy Mine. The productivity levels of the mines are highly impressive. For instance, some mines located in the region of Lake Baikal are producing up to 125,000 ounces of gold annually.
Underground operations have certainly taken place within Russia, but in recent decades it has been the open pit mining method that is responsible for the major production.
An aerial view of a huge open pit mining operation in Russia. These mines extract gold by crushing and processing rich ores. Most of Russia’s gold production comes from large mines like this one.
Russian Placer Mines
Russia has produced some exceptional gold nuggets over the years. Although isn’t know for large nugget in the way that Australia is, some suspect that many large nugget discoveries simply have not been released to the media and there are likely some that we just haven’t heard about. A few that we do know include these:
The Placer deposits in Russia are similar to many around the world; they were quickly depleted after the initial discovery of gold. This isn’t to say that there isn’t mining going on today, but most of the placer mining is smaller scale. Serious mining in Russia today is being done by major corporations using open pit methods.
Future Gold Mining in Russia
Russia still hosts numerous gold reserves waiting to be mined. A lot of placer gold deposits are located in the eastern part of the country alongside Siberia, which is a region that has produced some exceptionally large gold nuggets even in recent years.
Russia’s open pit and underground mining operations are increasing. That gold mining taking place in Russia is highly concentrated in Krasnoyarsk followed by other locations such as Irkutsk, Magadan, Amur and Chelyabinsk. These large operations are the future of mining in Russia.
Next: A 95-Pound Gold Nugget Discovery! Are There Others?