This Russian refinery is particularly new, created in 1997. The main shareholder is the Government of the Russian Federation.

The Company

The company is located in north-eastern Russia, in the Magadan region, near Khasyn village, 1,200 miles from the Bering Strait that separates Russia from the United States.

Kolyma Refinery, employing some 200 people, was created as an Open Joint Stock Company (OSJC) in 1997 in order to profit from the growth in the gold mining sector of far-eastern Russia. The gold refinery started operationality in 1998. Between 2001 and 2004, two production units were developed, one for gold bars and one for silver bars.

The company is 60% owned by the Magadan region and the Committee of Federal Property Control, another state-owned organism. The remainder of shares belongs mostly to a Russian bank.

Annual gold production capacity is 70 metric tons. The silver refinery has the capacity of refining all of the silver mined in far-east Russia.

Refining – Products

Due, notably, to recent installations, their precious metals refining processes generate optimum-quality products.

Kolyma Refinery produces six different sizes of gold bars, from 5 grams to 1 kilogram. There are fewer sizes available in silver, but the 1,000 oz bar is very popular with investors.

The Kolyma logo is struck on the bars. It represents the letter U in a triangle. The bars also bear the official Cyrillic inscription “Россия” (Russia) that appears on all the bars produced in Russia.

Kolyma Refinery also produces uniquely designed bars upon request from certain banks.

Other Services

Besides investment products in gold and silver, Kolyma Refinery also manufactures products for the jewelry sector.


Since 2004, Kolyma Refinery is on the official and very selective list of gold refiners certified by the LBMA. Their products are therefore London Delivery accredited, which guarantees all international standards are met for fineness and investment bars. In 2006, their silver bars received LBMA accreditation.

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