Thursday, 15th March 2007 (3907 views)

China's gold production is rocketing ahead with nearly 20 tonnes produced in January, according to the China Gold Association.

A rise of 28 per cent from last year saw China produce 19.856 tonnes in the first month of this year with gold refinery companies producing 7.197 tonnes of gold bullion which is up a massive 58 per cent on the year before.

The country is forecast to produce around 260 tonnes of gold throughout this year although the highly prolific year of the golden pig means that many consumers will be rushing to buy the precious metal and this may be a rather conservative estimate.

Gold is a symbol of wealth and good fortune to the domestic market and China has been growing as a producer of it for some time, reaching fourth place in the rankings of world gold producers last year.

Favourable minerals prosperity and policies are encouraging foreign companies to explore and develop gold mining projects in China and good technology is being utilised in the search for it.

Meanwhile South Africa, which is number one in the world ratings, has seen falling production levels lately due to deposits becoming exhausted and rising mining costs.

 

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