Russian Gold Research Articles

The Impact of Russia-Ukriane War on Indian Stock Market

War, the most exceedingly terrible calamity, obliterates nation-building and social union. Fights are horrible to the point that they can become around the world, influencing the whole globe. War attacks all nations. After the unexpected strike of the COVID-19 infection, the world’s significant economies were attempting to recuperate. North of three years after the fact, broad inoculation crusades saved individuals from the destructive infection. The most terrible times appeared to be past, and the world’s driving economies started to recuperate. Be that as it may, something should occur. The morning of February 24, 2022, shocked individuals once more. Russia went after Ukraine on the morning of February 22, 2022.Russia’s activities in Ukraine have brought Western condemnation and weighty punishments. North of 2,700 limitations have frozen $300 billion in Russian gold and unfamiliar trade holds. American and associated bans of Soviet oil caused record-high crude oil prices in the months that followed. Notwithstanding cultural expenses, the fight impacted essentially all significant economies around the world. Influence is felt in India too. Thump on impacts arrived at India. Stock prices declined, inflation arrived at new highs, the rupee fell against the dollar, unfamiliar trade saves dwindled, and that’s only the tip of the iceberg, as per outside markers. Since the 2020 COVID-19 pestilence, the worldwide economy has endured twice. This paper looks at what the Russia-Ukraine war might mean for Indian imports, exports, trade rates, stock market, and inflation.

Поэтапная комбинированная разработка золоторудных месторождений

Introduction. It is noted that in the Russian gold mining industry, the profitability of gold production is associated with the development of technologies for leaching it from substandard ores and enrichment waste. It is shown that the priority aspect of the development of substandard raw materials is to increase the yield of more gold with acceptable additional investments, predicted based on the analysis of the production function in the models of economic growth of enterprises. The purpose of the study is to substantiate the possibility of increasing the completeness of subsurface use during the phased development of reserves with a combination of chemical and mechanical extraction processes. Methods of achieving the goal include the use of literary and patent sources, production experience, laboratory and field experiments, modeling and technical and economic calculations. Results. The relevance of the development of a new raw material base is shown by the example of the reserves of the Sadonsky poly-metallic deposit. The information on the operations of hydrometallurgical and heap leaching of gold with bringing to the final product is detailed. An algorithm is proposed for the selection of options for the development of gold bulls. A model is presented to calculate the efficiency of phased field development over time. An optimized scheme of heap leaching of gold and indicators of gold extraction are presented. The scheme of electrochemical leaching of gold from sulfur-containing ores is recommended. The factors of the impact of mining on the environment at three stages of development are systematized. A model is presented for determining the efficiency of utilization of enrichment tailings and profits from the extraction of gold from enrichment tailings and metallurgy, taking into account environmental damage. The results of calculating the efficiency of gold extraction at the factory and leaching in blocks and cubes are presented. It is shown that the end-to-end metal recovery coefficient by leaching is comparable to the traditional technology of processing balance reserves. It is proved that when combining technologies at the stages of field development, a larger amount of metal is extracted from the subsurface. Conclusion: with a small increase in infrastructure modernization costs, combining traditional technology and leaching technologies, more metal is extracted from the subsurface.

The Gold Mining Industry of Magadan Oblast under Sanctions: Risks for the Region

—The introduction of a new package of sanctions in connection with the start of a military operation in Ukraine in 2022 is particularly changing the conditions for functioning of Russia’s gold mining industry, which uses high-performance foreign equipment for mining and sells its output on the global market. The article considers the factors complicating the industry and which have triggered an increase in production costs and decrease in the sale price of gold: a ban on foreign trade operations for the largest partner banks of subsoil users, an embargo by foreign countries on the purchase of Russian gold and import of foreign equipment and spare parts, and the Russian Central Bank’s decrease in the dollar/ruble exchange rate from May 2022 to January 2023. The case of a specific enterprise in Magadan oblast was used to assess the efficiency of placer gold mining under the changed conditions as of July 2022 and the forecast for 2023. Federal and regional measures were proposed to help smooth the severity of emerging problems in the industry and consequences for the economy of this single-resource northern region.

State of gold mining industry in the Republic of Sakha (Yakutia) in the period of sanctions and restrictions

The gold mining industry is one of the strategic sectors of the Russian Federation's economy. It plays an important role in the socio-economic development of Russia and its constituent entities. The Republic of Sakha (Yakutia) is one of the leading gold mining regions of Russia. Recent changes caused by political and economic events that occur in the global and domestic gold markets are of great interest to researchers. This article examines the consequences of the US and EU sanctions on Russian gold in 2022, reveals the level of impact of sanctions on the development of the gold mining industry of the Republic of Sakha (Yakutia) and the country as a whole. For this purpose, the analysis of the world gold market, the current state of the gold and foreign exchange reserves of the Russian Federation compared to other countries, the resource potential of gold mining companies in the region, and the prospects for its replenishment are evaluated. It is revealed that the US and EU sanctions on Russian gold for gold mining companies can cause mainly temporary difficulties. Russia can reorient its sales market to friendly countries and countries in the Asia-Pacific region. In this direction, the Republic of Sakha (Yakutia) will have a favourable position in terms of geographical location and promising projects.

Золотодобывающая промышленность России: санкционные шоки

The deliberate fragmentation of the world market as a result of the establishment of a global sanctions regime provoked a complete transition of both the Russian and the entire world economy to non-stationary modes of operation, one of the fundamental features of which are the deformations of the global monetary and financial system, which only two years ago seemed to have no alternative to the one based on the US dollar. One of the consequences of these events is the objective strengthening of the role of gold as the basis for the stability of national reserves and a single base in the transition to a plurality of global means of payment. The only source of replenishing gold reserves is gold mining, especially for modern Russia, which Western sanctions have effectively cut off from the world trade in gold. Russia has traditionally been one of the world leaders in terms of gold reserves and resources, ranking third in world production. Gold production in Russia increased by a factor of 1.5 in 2012–2021, facilitated by the growth rate of the Russian gold price relative to the global price due to the rise in the dollar exchange rate after 2014. At the same time, the share of gold in Russia’s gold and foreign exchange reserves is three times smaller than that of developed countries. This article discusses the problems of production localised in the regions of the Russian Far East and Siberia, its impact on the socio-economic development of these regions and the role of gold in the country’s economy. The impact of sanctions on the circulation of precious metals, including gold, is assessed. The authors assess the effects of external sanctions and the macroeconomic policy of the Russian Central Bank in terms of replenishing gold reserves and the volatility of the Russian ruble on gold production, the structure of gold consumption, and the economic situation in the gold mining industry

Экспорт российского золота в текущих условиях: возможности и финансовые риски

В статье описана роль экспорта одного из Ð²Ð°Ð¶Ð½ÐµÐ¹ÑˆÐ¸Ñ ÑÑ‹Ñ€ÑŒÐµÐ²Ñ‹Ñ Ñ‚Ð¾Ð²Ð°Ñ€Ð¾Ð² в изменении структуры отечественной системы Ð¼ÐµÐ¶Ð´ÑƒÐ½Ð°Ñ€Ð¾Ð´Ð½Ñ‹Ñ Ð´ÐµÐ½ÐµÐ¶Ð½Ñ‹Ñ Ñ€Ð°ÑÑ‡ÐµÑ‚Ð¾Ð². Автор рассматривает возникающие в Ñ‚ÐµÐºÑƒÑ‰Ð¸Ñ ÑƒÑÐ»Ð¾Ð²Ð¸ÑÑ Ñ€Ð¸ÑÐºÐ¸ и возможности, а также влияние золота на политику монетарного регулятора России за последний год.

Из истории заселения русскими Урянхайского края

Introduction. The article deals with the Russian colonization of Uryankhay Krai (present-day Tyva Republic) prior to the establishment of Russian protectorate. Goals. The paper aims at analyzing migration flows to have accompanied the peopling of Uryankhay Krai. Materials and methods. The source base for the study was a wide range of materials, among which a significant proportion is occupied by pre-revolutionary publications, including periodicals (Siberia, Minusinsk Territory, Minusinsk Leaf, Yenisei Thought, Krasnoyarsk Voice, etc.), containing information on the topic under study. The methodological basis of the article was the general scientific principle and methods of scientific knowledge. Data on the demographic composition of migrants are limited. Results. A total of three Russian population inflows — gold mining, agricultural, and commercial ones — can be traced. Earliest messages about gold mining in Uryankhay date back to 1837 when Russians started exploiting gold mines in upper reaches of the Sistikema River. Tuvans worked in the mines, panned for gold. By the 1910s, there were 15 operating mines in Uryankhay. Gold mining was hindered not only by roadless terrain but also by the 1903 decree obliging Russian gold miners to leave their mines upon receipt of any restrictive resolution from the Chinese Government. Those were Old Believers who had arrived in Uryankhay earliest (around the 1860s) in search of Belevodye kingdom. Those were first Russians to have started cultivating land in the region. Periodicals were depicting Tuvan-inhabited lands as fertile, and after the expulsion of the Chinese a campaign popularizing ‘rich soils’ was organized among Minusinsk peasants and across territories adjacent to the Siberian railway. By 1914, over 3,000 dessiatins were occupied by Russian crops. Earliest merchants to have arrived in region were delivering ‘goods in their bosom’ exchanging knives, matches, tobacco and other commodities for livestock and furs. The bulk of Russians moved to Uryankhay from nearest provinces and the migration could be characterized as replacement one: bordering peasants suffering from lack of plough-land and aware of Uryankhay’s resources chose to move therein to be replaced by migrant Minusinsk peasants. Ethnic and social structure of immigrants from Russia was not that homogeneous. So, representatives of different ethnic groups — Russians, Tatars, Khakas, Latvians, Poles — came from different social classes, e.g., merchants, Cossacks, peasants. This attests to a high migration mobility in the late 19th and early 20th centuries. As of the establishment of Russian protectorate in 1914, over 5,5 thousand Russians were living in the region. Conclusions. Russian colonization — from the arrival of Old Believers and to the official protectorate of Russia — was complete in less than 60 years. The rapid and successful process was facilitated by a number of factors, namely: geographical location, lack of an exact borderline between the two countries, China’s political situation, and economic opportunities for Russian population in the region.

Handicraft workshop of the Shenkur Holy Trinity maiden monastery of the 18th century

The article is devoted to previously unknown works of pictorial embroidery of the synodal period. The artworks represent the local cultural center of the Russian North and are published for the first time. In the first half and the middle of the 18th century, a unique gold-embroidery workshop, which reached a high artistic level, was formed in the Shenkur Holy Trinity Convent on the Vaga river. The creation of liturgical fabrics in the monastery was carried out not only by nuns, but also by so-called “belitsy”, women who lived in monastic cells without being tonsured, as well as residents of the city of Shenkursk. Mother Superior Euphemia (1727- 1749) and her sister Xenia were famous craftswomen, they embroidered on multi-colored fabrics with gold, silver and silk threads. Shrouds of Christ, intercessions of the Holy Virgin and epigonations made in the Shenkur Monastery are featured in several museum collections, mainly in the North. The handicraft workshop existed in the monastery for only a short period of time: from the beginning of the 18th century until the closing of the monastery in 1764. The Vaga craftswomen created their works on the basis of the ancient Russian gold embroidery tradition. The identification and attribution of liturgical fabrics enabled one to uncover distinctive features of Shenkur products: idiosyncratic technologies, rare iconography and peculiar style dating back to the art of the Baroque era. Liturgical clothing and epigonations made by the Vaga craftswomen were ordered and purchased for the bishops' councils of Arkhangelsk and Kholmogory, they are present in the collections of Nikolo-Korelsky, Antoniev-Siya and Solovetsky monasteries. Correspondingly, Shenkur church textiles and fabrics were used in the churches of the Vologda diocese. The article offers an unprecedented systematization of a completely new unexplored layer of museum objects. A number of conclusions are drawn on account of unknown written and visual sources found in museums and archives of the country. The second half of the nineteenth century saw the revival of women's handicraft in the Shenkursky Monastery. The article is illustrated by works found in the museum collections of the Arkhangelsk region, primarily the Arkhangelsk Museum of Local Lore. The scope of the study includes a completely new significant range of cultural monuments belonging to North Russian tradition. The results can be widely used in identifying and attributing works of pictorial embroidery.

Аналитическое обеспечение механизма повышения экономической безопасности и интеграции золотодобывающих предприятий России в мировое хозяйство

The article presents the results of substantiation of the parameters of analytical support for the mechanism of increasing economic security and integration of Russian gold mining enterprises into the world economy. The data on the reserves of monetary gold in the reserves of the countries of the world are analyzed. A structural scheme of the economic security system of gold mining enterprises has been formed.

О санкциях и валютном курсе

The article emphasizes that freezing of Russian gold and foreign exchange reserves was previously accurately predicted by Russian experts. Attention is drawn to the fact that weakening of the ruble was one of the goals of the sanctions impact on the Russian economy that Western countries were bearing in mind. It is obvious that the exact opposite — preventing its depreciation and turning the ruble into a stable strong currency — is an anti-sanction measure. With high dependence of the Russian economy on imports, as well as in the situation when it is necessary to find alternative ways for imports (primarily for investment), which will lead to their higher prices with corresponding consequences, an excessive exchange rate depreciation may adversely affect economic development, especially in a long term. In addition, extremely important is ensuring stability of the exchange rate. It is concluded that stable and non-depreciating ruble will form the basis for consistent development of business and expand the possibilities for using the ruble in foreign trade settlements as well. It is particularly relevant in the context of restrictions on the use of leading currencies in foreign trade.

New measures of the Russian gold industry performance

Subject. This article develops a system of indicators and approaches to the valuation of assets in the gold mining industry, relevant for investment. The system of new price and qualitative indicators for the domestic gold market is the object of research. Objectives. Based on the research, the article aims to demonstrate the possibilities of combining traditional market analysis indicators with analytical tools that analyze emotions. Methods. For the study, we used induction and deduction, and the methods of object and control action identification. Results. The article reveals the content of methods for taking into account the emotions of market participants in the process of analyzing the anomalous price phenomena occurring there. It shows tools for implementing methods of psychological analysis based on the processing of information and analytical data bulk. Conclusions and Relevance. Accounting for new indicators gives analysts the means to bring the result of the forecast closer to real conditions, when, in addition to traditional indicators, their combinations with psychological indicators in the markets arise and give a new interpretation of the events taking place there. The research results obtained can be applied in the practice of a modern market analyst. The use of the proposed new indicators complements and expands the classical analytical tools, improves the quality of forecasts of market movements.

Mining Engineer L. F. Grauman and the gold mining industry development in Russia

Russia began to establish its gold-mining industry since the end of the 19th—beginning of the 20th centuries and quickly became the world’s top gold producer. Gold mines of East Siberia made a foundation of the Russian gold industry and for a very short period developed from little handicraft diggings into big companies and transnational enterprises like Lena Gold Joint-stock Company. One of the key figures who played a significant role in launching and growth of the Russian gold industry was Leopold F. Grauman, a graduate of the Saint Petersburg Mining Institute. He was a type of a person who integrated the public interests in increasing gold production and the private initiative in development and foundation of the Russian gold industry as a rentable branch of industry based on long-term scientific planning and approach. Grauman was a kind of practitioner, who on his own experience knew how to organize geological expeditions in difficult to pass Siberian taiga, a year-round gold mining in difficult permafrost conditions, usage of technical innovation that indirectly influenced the development of domestic machine industry and production of machines for extreme weather conditions. He initiated the establishment of the Permanent Advisory Committee of gold and platinum entrepreneurs in order to transform Russian gold industry from spontaneous into a planned one. The Committee published its own journal and held regular congresses of gold and platinum entrepreneurs where delegates elected by the regional congresses represented the interests of the regions. The congresses were empowered to make decisions on technical improvements and funding of gold industry as well as questions of labor legislation and improvement of professional level of gold mine workers and employees.

Перспективы развития рынка золота в информационной экономике

The subject of this study is to identify the role of demonetized gold in the information economy, including stressful development during periods of instability, crises, sanctions and pandemic. The author identified trends in the dynamics of gold prices over the past five years, its demand by investors and industry, policies of central banks and developed countries. The significance, reasons and consequences of the refusal to prolong the cartel agreement of the central banks on the control of the price of gold (CBGA) are determined. The article identifies exclusively geopolitical (not financial and economic) risks that underlie a sharp and radical change in the structure of Russian gold and foreign exchange reserves and the refusal to place the National Wealth Fund assets in dollars. The prospects for gold that are opening up in this connection have been identified. The reasons for the sharp decrease in the intensity of the replenishment of Russian gold and foreign exchange reserves with gold until its virtually complete cessation have been identified. A critical analysis of the allegedly “new” functions of gold in the information economy is given, it is shown that in reality it is only a transformation (adaptation) of traditional functions. The inevitability of expanding the circulation and use of digital currency in the information economy is shown, which will require improving the institutional framework, since a virtual asset, including potentially based on gold, is converted into Russian rubles upon payment, which, in accordance with the law, is used to pay.

Objective method for analysis of mineral resources supply
 on the example of Russia

A forecast of nonfuel mineral production in Russia is
 considered, based on the integration of the expected life
 of specific deposits currently exploited and developed. It
 is shown that mineral safety is fully ensured for copper,
 nickel, lead, tungsten and tin, whose reserves are sufficient
 for their extraction, at least at the current level, for
 40–50 years and there are real prospects for its significant
 growth. The sufficiency of other minerals is much
 lower: for molybdenum and chromium, it is limited to
 about 30 years, and the extraction of zinc and uranium
 in Russia may significantly decrease in 20 years. The situation
 is more difficult with the most liquid solid minerals,
 like gold and diamonds. The commissioning of mining
 enterprises at the developed gold deposits can ensure
 a rapid growth in the production of the precious
 metal in the coming years. However, at the beginning of
 the next decade, the resource base depletion of the Olimpiada
 field and a number of other exploited deposits is
 predicted. The projects currently implemented for the
 development of new fields do not compensate for the lost
 capacity. This may account for a long-term (until the beginning
 of the 2050s) decline in the Russian gold production,
 which may be halved against the current level by
 the end of this period. Such a scenario can only be avoided
 with the intensification of geological exploration in
 the coming years. The earlier decrease in the number of
 diamonds mined in Russia, associated with the depletion
 of reserves of exploited pipes, is predicted (since 2025).
 Unless new deposits are discovered and developed, the
 domestic production of precious stones will steadily decline
 and, in the 2040s, may be reduced fourfold.

СУЧАСНІ ФІНАНСОВІ ТА ТОВАРНІ РИНКИ: ХАРАКТЕРИСТИКИ ТА ВИМІРИ

Modern financial systems are global in nature. The article reveals the current state of world financial markets. The example of stock index trends shows the main trends in global financial markets as a result of global challenges (the Covid-19 pandemic and the war in Ukraine). The trends of stock market indicators in different regions of the world are analyzed. The article reveals the current factors that affect the trends of stock indices. The influence of economic and political consequences caused by the pandemic and war on the further development of the world economy is studied. The role of geopolitical events on the development of commodity markets, in particular gold and oil, is shown. The main stock indices and how they react to changes in the world economic environment are analyzed. Thus, the article shows that negative global signals are causing concerns about rising inflation around the world, and rising rates are affecting investor sentiment. It has been proven that financial markets can calm down from the global decisions of international leaders and organizations. However, very often geopolitical decisions show signs of indecision, which affects the continuation of hostilities in Ukraine and contributes to the subsequent fluctuations of financial indicators. t is shown that the volatility of financial markets will remain high in the last week of June, due to the planned expiration of contracts for derivative instruments in June and political decisions of the G7 countries, which may ban Russian gold imports on Tuesday, June 28. The article analyzes the characteristics of the trends of major world stock indices and reveals the possible prospects for their development, as well as identifies the main factors of stock market trends at the present stage of development. The current state of the financial market of Ukraine is studied.

Non-cyanide reagents for gold extraction from the products of pressure oxidation of sulphide concentrates

The standard pressure oxidation (POX) technology for sulfide gold-bearing concentrates processing has many problems associated with the use of cyanide as a gold lixiviant. Therefore, works to find of alternative gold recovery methods are currently now. This paper describes some technological solutions, which can become a real alternative to cyanide technology in the future. Five different refractory gold-bearing concentrates from Russian gold deposits were investigated. Concentrate 1 was gold-copper concentrate. Concentrate 2 was gold-pyrite concentrate. Concentrates 3–5 were pyrite-arsenopyrite double refractory concentrates. The POX tests at the temperature of 110, 200 and 220 oC and the oxygen pressure of 1.5, 2.4 and 3.0 MPa were carried out. Chloride, thiosulfate, sulfite and thiocyanate were tested as gold lixiviants. The gold recovery by non-cyanide methods was 97–99%, and from double refractory concentrates was 86–92%. The tested reagents are less toxic than cyanide and makes possible to recover gold in acidic POX slurry. As well, “POX-pyrometallurgical” technology for precious metals recovery from POX cakes to lead collector was tested in pilot scale. It was shown that “POX-pyrometallurgical” technology for preg-robbing concentrates could be used. The recoveries of gold and silver are 97 and 96%, respec tively.

Gold in the international reserves of countries

Subject. The article addresses the enhanced position of gold as the main international reserve asset of countries. Objectives. The purpose is to prove the increasing role of gold as the main financial asset in the international reserves of countries throughout periods of economic volatility. Methods. The study rests on economic analysis, statistical, economic, and systems approach. Results. Annual changes in the structure of international reserves of the Russian Federation show a decrease in reserve assets denominated in foreign currency. The reserve position in the IMF makes up about 1% of the country's total assets, and SDR-denominated reserve accounts – from 1 to 2 percent. The share of monetary gold has increased; the overall increase in Russian gold reserves amounts to over 14%, in USD. Conclusions and Relevance. Currently, the reserves of six largest leading countries in terms of gold reserves amount to over 20 thousand tonnes of the precious metal. However, the presence of large gold reserves does not always allow the gold to occupy a leading position in the structure of international reserves of countries. This is evidenced by statistics from China, Switzerland and other countries. The U.S. reserves contain the largest amount of physical gold, its value at the official price that was established after the dollar devaluation in 1973 is as follows: one Troy ounce of the precious metal (31.1 grams) is equivalent to 42.2 USD.

Gold particles from Kamchatka: A brief look at gold biogeochemical cycling in a distinct environment

AbstractKamchatka is a peninsula located on the far eastern side of Russia and is a geologically active region within the Pacific Ring of Fire. Placer gold particles were obtained from a stream located in the Yelizovsky District and were compared to particles from regions at similar latitudes. Russian gold particle surface textures and morphologies were characterised optically and using electron microscopy, and bacteria occurring on the surface of particles were inferred from detected amplicon sequence variants (ASVs). The gold particles contained remarkably variable gold surface textures with an average 70% of surface area containing clay-filled concavities. Particle morphologies, interpreted from axis ratios, suggested that these particles were transported from primary sources. Proteobacteria constituted 60% of all the detected ASVs from the particles. Within this phylum, Gammaproteobacteria was the most dominant class. This study contributes to the understanding of gold biogeochemical cycling in a distinct bioclimatic environment.

18th century in Russian gold and silver art of the second half of the 19th – early 20th century: from rejection to recognition

This article shows the influence of the 18th-century art on the creativity of Russian jewellery companies in the second half of 19th – early 20th century. During the period of national style domination, the revision to 18th century is especially interesting. The art of this era in the perception of descendants became from complete rejection in the eyes of posterity to a total recognition of its originality, artistic individuality, and as a result national-identity. The latter entailed the use of cultural assets of 18th century as prototypes of gold and silver products created in late 19th – early 20th century because of nationality. The author analyses both works of Russian jewellery companies and documentary evidence demonstrating the attitude of contemporaries to an art culture of the 18th century.

Illicit Trade in Russian Gold and Silver Coins in West China in 1850's (based on the Materials of the Russian Consul K. A. Skachkov)

The present research featured the illicit trade in Russian gold and silver coins in Xinjiang in the 1850's. The paper focuses on the problems of control and customs services, as well as on the difficulties connected with the trade in Russian goods. The historical analysis was based on the documents written by Konstantin Adrianovich Skachkov, the then Russian Consul in Chuguchak. The materials were obtained from the Research Department of Manuscripts of the Russian State Library. In his report, Consul K. A. Skachkov compared the state of the markets of the Russian-Chinese trade in Chuguchak and Kyakhta. He highlighted the broad prospects for trade development in Xinjiang. The Consul paid great attention to the problems on the young market of Central Asia and proposed some measures to improve the situation. He performed a comparative analysis of the trading activities of a Russian merchant and a smuggler. The analysis makes it possible to reconstruct the trading process, determine the cost of transportation, and formulate the commercial benefit resulting from the legal trade and the contraband trade. K. A. Skachkov concluded that despite the high potential for trade development, the region was torn apart by substantial internal contradictions and demanded greater attention from the government. The illicit trade in Russian coins was caused by the barter trading on the Xinjiang market in 1850's.