Gold production soars in former USSR

Many regions of the former Soviet Union boosted their gold production in 1997.

In Kyrgyzstan, 17 tons of the yellow metal were produced, compared with just 1.5 tons in 1996. The jump was sufficient to raise the small country’s gross domestic product by 14%.

In Tajikistan, gold output nearly doubled, to 2.5 from 1.1 tons, between the two years.

The Magadan region in Russia’s Far East produced 26.4 tons of gold in 1997 (according to preliminary data) — 5.6 tons more than in 1996. The increase vaulted Magadan ahead of Yakutia, thus making it Russia’s top gold-producing region.

Magadan also produced 23.5 tons of silver last year.

The region’s authorities plan to draw credits totalling US$33 million from American and British banks to support gold mining in 1998.

The only bad news comes from Russia’s Yakutia republic, where gold production decreased 14.2%, to 20 tons. Yakut officials had forecast production of 25 tons; the shortfall is being blamed on general economic decline in the republic, government debts for gold shipped to refineries and insufficient financing to help gold producers prepare for the mining season.

In addition, torrential rain and flooding in the summer cost Yakut gold miners 1.5 tons in gold production and more than US$6 million in damages.

— With files from Interfax News Agency

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