Last Updated :
06 February 2009 at 18:00 IST
Gold production soars in China
Commodity Online
NEW DELHI: Gold rules the world now. And the demand for the yellow metals is rising. Considering this fact, all countries are hiking their gold output. China is no different.
Chinese gold production rose in 2008 by 11.5 tonnes (4.26 per cent) to 282 tonnes, official figures have revealed.
The China Gold Association stated that the country continued to be the world's largest gold miner last year and increased production compared with 2007 to 282.007 tonnes.
According to the association’s data, 46.4 per cent of the gold produced was generated by the provinces of Shandong, Jiangxi and Henan.
The country remained the largest gold producer in the world, having overtaken South Africa in 2007 with output of 270.49 tonnes.
Gold trading volumes on the Shanghai Gold Exchange rose in 2008 by 174.84 per cent year-on-year to 868.39 billion yuan.
Official figures released by the Chinese Ministry of Industry and Information Technology last month indicated that 246 tonnes of gold had been mined in the country over the first 11 months of 2008, an increase over the year of 2.14 per cent.
The provinces of Shandong, Jiangxi and Henan accounted for 46.4percent of the total. China overtook South Africa to become the world's largest gold producer in 2007, with 270.49 tonnes of gold output that year.
The CGA also reported that trading volume reached 868.39 billion yuan (126.96 billion U.S. dollars) on the Shanghai Gold Exchange in 2008, up 174.84 percent from 2007.
In 2006, Chinese mines produced 240 tonnes of gold, about 10% of global production, and up from 224 tonnes in 2005. Output was just 11 tonnes behind Australia, the world’s third largest gold producer. So far this year, gold output is up 13.10% from last year, and reports indicate steady growth over then next five years.
Australia’s Bureau of Agriculture and Resource Economics recently predicted a rise in global gold production for the first time in four years. Where is this new gold coming from? Mainly from China and Indonesia. The Bureau also indicated that weaker economic growth could cut demand for bullion as an inflation hedge and bring 2009’s average price to $810 per ounce (it is currently running near $872 for this year, and it was near $695 last year).
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