Gold production in Russia increased 12.6% year-on-year in 2013 to reach 254.24 tons, chairman of Russia’s gold producers’ union Sergey Kashuba told Itar-Tass, nothing this was a preliminary figure.

Russia ranked third after China and Australia with 437 tons and 259 tons produced respectively, he added.

The producers’ union expects gold production to fall this year following delays in several projects.

“We forecast gold price in the range of $1,050-1,450 an ounce and an average price of $1,200 this year,” Kashuba said, without disclosing the union’s estimate for production.