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Chinese gold production surges

by Kip Keen, MineWeb.com:

In the first six months of the year, gold production in China jumped eight percent year over year to 228.7 tons, further cementing China’s dominant position in the sector.

The latest figures come from the China Gold Association and were reported by Chinese media and also show Chinese gold consumption holding steady at 561.4 tons, only down slightly compared to the first six months of last year.

The organization highlighted a notable 11 percent drop in gold bar demand.

The figures suggest there has been little response by Chinese gold miners to declining gold prices this year, off by about $100/oz since the New Year.

Furthermore, the surge in Chinese production underscores the heavily redrawn map of dominant gold producers. China has in recent years emerged as the top gold producer by a wide margin and, now, in a half a year produces more than it did in a full year just a decade ago (2004: 201 tons gold according to the USGS.)

Australia, Russia, and the United States are next in line in gold production respectively having churned out 270 tonnes, 245 tonnes and 211 tonnes of gold last year.

Read More @ MineWeb.com

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