MOSCOW: Russian gold output rose by 29.7 percent in the first four months of 2014 compared with the same period in 2013 due to producers fighting lower prices with higher volumes, an industry lobby said on Tuesday.
Total gold production was 63.7 tonnes in January-April, including output from mines, from gold as a by-product of other metals, refined from scrap and gold containing concentrate, the Gold Industrialists' Union said in a statement.
"In order to maintain revenue as prices fall, everyone is boosting production," lobby head Sergei Kashuba told Reuters.
In 2013, a 28 percent dive in bullion prices caught producers by surprise, putting balance sheets under stress.
The lobby said mined output rose 20.8 percent in the period year-on-year to 48.4 tonnes.
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