Home Economy China world’s second largest gold producer in 2007

China world’s second largest gold producer in 2007

By Xinhua

Shanghai : China has mined 270.29 tonnes of gold in 2007 making it the world’s second largest producer, according to statistics from the China Gold Association.

The largest producer was South Africa, whose output was just two tonnes more than China.

According to the National Development and Reform Commission, China’s gold production target for 2006 to 2010 is 1,300 tonnes. During that period, China also aims to increase its gold base reserve by 3,000 to 3,500 tonnes.

“South Africa has been the biggest gold producer since 1905. However, China is going to challenge its position,” said gold analyst Zhou Hongtao.

China’s gold output for the first time reached 100 tonnes in 1995 and 200 tonnes by 2003. In the past five years, China’s gold production rose 34.84 percent.

New discoveries have paved the way for China’s rise in output, with five big mines found in China last year. The other traditional producers, including South Africa, the US and Australia, have reduced their output in recent years.