Not content with its Central Bank being this year’s world’s largest gold purchaser, Russia looks like it might be moving into second place in the World gold mine production table and overtaking Australia which currently holds this position. Last year Russia mined just under 8 million ounces of gold – around 248.5 tonnes – as opposed to Australia’s 8.53 million ounces – 265.3 tonnes. But Russian gold output is reported as rising 26.6% in the first half of the year and if this level increase continues in H2 Russian full year output could total 10.1 million ounces – or 314.6 tonnes, although with normally far higher output in the second half of the year this kind of annual percentage increase may not be achievable.