Friday, 5th November 2004 (2497 views)

Chinese gold producers are reporting top profit growth following bullish gold prices and strong output.

According to China Daily, gold producers reported a growth of over one third in profits in the first three quarters of the year and profits of 300 gold producers totalled a huge $245.17 million.

Lu Wenyuan, secretary general of the gold association, commented: "Domestic manufacturers have been speeding up gold production to earn more profits, driven by high gold prices."

Output and demand both increased for gold companies in China and jewellery now makes up over 90 per cent of total gold demand in the mainland.

Additional figures from the China Gold Association show that gold output for gold firms reached 148.66 tonnes from January to September in 2004.

The mainland now rates at number four for both gold output and demand in the world.

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.