Gold News

Chile 'to become top ten gold producer'

Officials in Chile believe the nation will soon become one of the world's top ten biggest producers of Gold, it has emerged.

A statement from trade organisation the Chilean Copper Commission (Cochilco) released this week said the country expects to have a gold output of 3.21 million ounces in the next decade - more than double that expected this year, Reuters reports.

The report also said that Cochilco believes that gold prices will remain at an average price of $800 per ounce this year. Prices are currently oscillating between $880 and $885 per ounce.

"Chile could pass from 15th spot [in world gold production] in 2006 to be within the top 10 global producers," the organisation stated.

The country is primarily known for its copper mining and production activities; the northern Atacama Desert is a significant source of copper and the nation accounts for a third of the world's copper output.BullionVault-cube-18431202-ADNFCR

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