Russia's Jan-Feb gold output up 9pc on year

MOSCOW: Russian gold firms increased gold production by 9 percent in January-February 2012, compared with the same period a year earlier, the Gold Industrialists' Union industry lobby said on Monday.

Total gold production was 21.78 tonnes or 700,227 troy ounces in the first two months, including output of gold as a by-product of other metals and refining from scrap.

Mined output increased 9.9 percent year-on-year to 18.01 tonnes, or 578,893 ounces.

Russian companies produced 209.0 tonnes of gold in 2011, 3.6 percent more than in 2010, the union said in February. It plans to give a forecast for 2012 before the end of March.