Monday, 19th February 2007 (2252 views)

China's National Development and Reform Commission (NDRC) has announced its intention to produce 260 tonnes of gold in 2007 by strengthening macro-level control and management of the country's gold industry.

The projected volume for 2007 would be a 20-tonne increase on the volume produced in 2006.

The ambitious industry prediction builds on strong performance in 2006, when China's gold output hit 240 tonnes, a record production figure which was over seven per cent higher than during the previous year.

Net profits from the gold industry hit 6.5 billion yuan (£431 million) in 2006 – an impressive 63 per cent higher than 2005 profits.

Chinese analysts have attributed the surge in profitability largely to higher global gold prices.

Meanwhile, reports in China's Financial Express paper have underlined the importance of the discovery of previously unplumbed reserves at Yangshan Gold Mine in northwest China's Gansu Province after prospecting over 2006 uncovered a total reserve of 258 tonnes.

The discovery makes Yangshan China's largest gold mine deposit.

 

« 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.