Gold News

Chinese gold industry grows rapidly

The Chinese bullion industry has entered a period of rapid growth, with the country producing 11 per cent more gold in the first five months of this year than the same period a year ago.

According to the China Gold Association, some 98.89 tons of the precious metal were produced between January and May, mirroring the country's growth in other economic sectors.

The output of gold businesses in China increased by 43 per cent to reach $3.4 million, with the profit of these firms up by 33 per cent.

Sun Zhaoxue, the association's head, said that the Chinese gold industry had entered a period of rapid growth, boosted by strong domestic demand.

On an annual basis, gold production reached 240 tons in 2006, which was up by nearly a third from 2001 levels. This year the figure could reach 260 tons, which would be an increase of 8.3 per cent.

China's top gold mining regions are Shandong, Henan and Fujian, while the country's most successful gold smelting companies are Shandong Zhaojin Mining, Henan Lingbao Gold, and Zhongkuang Gold Indistry.


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