Last Updated :
20 March 2009 at 18:30 IST
China gold output to hit 290 tones this year
Commodity Online
BEIJING : China’s industry ministry on Friday said country is likely to produce 290 tons of gold and explore 800 tons of gold reserves this year,.
In statement issue here the ministry said China's gold output last year rose to 282 tons, while industry profit surged to 12.4 billion yuan from 9.020 billion yuan a year earlier.
China mined 270.49 tons of gold in 2007, according to China Gold Association. Gold production grew 7.6 percent annually through 2003 to 2008, with an average growth in profit of 41 percent, statement said.
China's proven reserves of gold ranked the seventh in the world and its existing gold reserve reached 4,634 tons.
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