Tuesday, 12th February 2008 (2557 views)

China discovered five "major" gold mines during 2007, according to reports in the country.

The Chinese Geological Survey Bureau (CGS) said the gold deposits were discovered in Tibet and in the provinces of Qinghai, Gansu in the south, Hainan and Shandong, which China Daily says is one of the country's most important gold producing areas.

Four purely gold mining operations are included - at Dachang, Yangshan, Sizhuang and Baolun - as well as a copper and gold mine in Gandise.

The state news service added that the CGS estimates the five mines have a combined gold reserve of 600 tonnes. There is also thought to be good prospects for further discoveries at the sites.

It quotes the state development and reform commission, which forecasts that China's gold production will rise to 1,300 tonnes of gold a year by 2010 and between 3,000 and 5,000 tonnes of new resources will be verified over the same period.

According to precious metals consultant GFMS, China became the top gold producer in the world in 2007, ending a 102-year reign by South Africa.

 

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