Minews - Russia gold production seen rising by 3 pct in 2015

(Minews) - Russia's 2015 gold production is likely to rise by 3 percent in annual terms to 298 tonnes, Sergei Kashuba, head of Russia's Gold Producers Union, told reporters on Wednesday.

While a slump in the rouble since early 2014 has made many investors wary of starting new investment projects, Russian gold miners are benefiting from a decline in their dollar-denominated costs, Kashuba said.

"Companies are targeting a production growth of 2-3 percent for 2015 compared with last year," the head of the Union added.

According to the Finance Ministry, Russia produced 288 tonnes of gold in 2014, including 232 tonnes of mined output, 17.9 tonnes of gold as a by-product of other metals and 38.9 tonnes of gold refined from scrap.

The Union estimates 2014 gold production slightly higher than the Finance Ministry as it includes gold containing concentrate. The Finance Ministry expects gold production this year at 290 tonnes.

Russia produced 12.86 tonnes of gold in the first month of 2015, according to Finance Ministry data.