Russia Surpasses U.S. Gold Production for First Time in 25 years

For the first time in 25 years, Russia has produced more gold than the United States, according to a report by the Russian Times. It’s now the world’s third biggest producer after China and Australia. Last year Russia increased its gold production by nearly 13 percent, while China produced a little over six percent more gold than the previous year. Taxation in Russia includes geological exploration expenses, which contribute to the development of gold production.