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Gold, Silver Production on Kurils Down in 2016 – Kurilgeo Project

© Sputnik / Ekaterina Chesnokova / Go to the mediabankA village in Yuzhno-Kurilsk on Kunashir Island of the Greater Kuril Ridge
A village in Yuzhno-Kurilsk on Kunashir Island of the Greater Kuril Ridge - Sputnik International
The Kurilgeo Project of the Solway Investment Group announced Friday that the volume of precious metals produced by the company in the Kuril Islands shrank in the end of 2016.

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YUZHNO-SAKHALINSK (Sputnik) – The volume of gold and silver production carried out by the Kurilgeo Projectin the Kuril Islands decreased at the end of 2016, the company informs.

"In 2016, Kurilgeo obtained 1,530 kg of gold and 4,521 kg of silver. Last year, 1,683 kg of gold and 3,327 kg of silver were produced," Kurilgeo said in a Friday statement.

Despite the decrease in the production volume, the profits from gold production went up 6 percent as compared to 2015, while the growth in revenue from the sale of silver amounted to 67 percent.

"At the end of 2016, the net profit increased by 304%: from 597 million rubles [$10.6 million] in 2015 to 1.82 billion rubles [$32.3 million]," Kurilgeo said.

The Kurilgeo Project operates on Urup Island, one of the Kuril Islands.

In December 2016, Russian President Vladimir Putin visited Japan Japanese Prime Minister Shinzo Abe agreed to begin developing economic cooperation involving the disputed southern Kuril Islands in order to create conditions for negotiations on a peace treaty between the countries.

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