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China gets silver for gold production

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China gets silver for gold production
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Ghatkopar, Mumbai
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Arrow China gets silver for gold production - January 30th, 2008

China gets silver for gold production

Commodity Online
BEIJING: China could only finish second in the race for topmost gold producer of the world last year and had to contend with ‘silver medal’ as South Africa retains the ‘gold medal’.

According to statistics from the China Gold Association, China produced 270.29 tons of gold last year, up 12.67 percent from 2006, which made it the world’s second largest bullion producer.

However,China was just two tons behind the largest producer, South Africa, whose output was a little over 272 tons in 2007.

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

South Africa has been the biggest gold producer since 1905. Analysts said, China was expected to overtake the African nation as the world number one by 2010.

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