Russia says it mined enough gold to beat China

Russia’s Natural Resources Minister says the country could mine 480–500 tonnes of gold in 2025 and that 2024 output may have been about 480 tonnes — figures well above independent estimates. If accurate, Russia would surpass China and become the world’s largest gold producer, reshaping global supply rankings. The claim contrasts with the World Gold Council’s 2024 estimate of ~330 tonnes for Russia (China ~380t) and other independent estimates (Metals Focus ~345t; Russian magazine ~360t). Analysts flag opacity after Russia stopped releasing official mine data in 2022 and note elevated scrap supply and central bank sales (reportedly ~28 tonnes raising >$4bn) complicate the picture. Market impact: a materially higher Russian mine supply could add downward pressure to gold prices if validated, but sales from the Bank of Russia and data uncertainty create mixed signals for bullion markets and traders.