Gasan Ramazanov: Russia may soon become the world’s leader in gold mining

«According to the US Geological Survey, Russia is ranked the worlds’ second in terms of gold deposits after Australia. However, in terms of annual gold production Russia was 60 tons behind China in 2023. Taking into account Russia’s significant superiority over China in terms of gold deposits, a leading position in gold production is feasible in the near future, and prevailing high prices for gold are spurring the development of new deposits», — Gasan Ramazanov predicts.

Gasan Ramazanov notes that the RF Ministry of Natural Resources and Environment pays special attention to the importance of gold mining, as the development of new gold deposits in Russia has recently become a highly relevant challenge on the back of the unstable geopolitical situation, particularly, the tough US tariff policy in respect of the world’s major economies, including the EU, Canada and China.

According to Gasan Ramazanov, the ongoing instability in the global market have a marked effect on gold prices, which are now at an all-time high of nearly $3,000. «In this regard, investments in the development of new gold deposits can turn out to be highly profitable», — Gasan Ramazanov noted.

Image by Freepik (CC BY)