Russia's Gold Rush: How New Mines Could Make It the World's Top Producer

Russia is on track to become the world’s leading gold producer within the next decade. The country currently ranks second globally, just behind China. A surge in investment and new mining projects is set to push production even higher. Polus, Russia’s largest gold mining company, has ramped up its spending by 73% in 2025, reaching $2.18 billion. Most of this funding is directed towards three major projects: Sukhoi Log, Chulbatkan, and Chertovo Koryto, all located in Irkutsk Oblast.

The Sukhoi Log deposit, a cornerstone of Russia’s gold expansion, has now entered an active development phase. Pilot industrial operations have begun, and infrastructure construction is underway. This project alone is expected to significantly boost output.

Beyond Polus, other industry players are launching initiatives in key regions like Yakutia, Khabarovsk Krai, Transbaikalia, and Chukotka. Modernisation of existing mining facilities will also play a role in increasing production.

Alexey Vostokov, CEO of Polus, shared these updates in a recent interview with RBC TV. He noted that while the process will take seven to eight years—possibly up to a decade—Russia’s chances of overtaking China are strong. With major projects like Sukhoi Log advancing and substantial investments flowing into the sector, Russia’s gold output is set to climb. If current trends continue, the country could soon lead global gold production for the first time.