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Tuesday, 29th May 2007 (5469 views)

An industry insider has predicted that China will become the largest gold producer in the world by 2010, according to Interfax-China.

According to the news source, the editor of gold investment report Goldletter International, Morino G Pieterse, made the comment at the Western China Mining Summit 2007 in Chengdu.

Mr Pieterse pointed to the fact that between 1997 and 2006 production of gold in China increased by 162.8 tonnes to 247.2 tonnes.

"China's gold output surpassed Australia's last year, is due to surpass US production this year and will surpass South African production within two years," Mr Pieterse told the news source.

He also noted that while gold production in traditional producing countries such as South Africa has declined over recent years, output from emerging gold producing countries has increased from 17.7 per cent of global production to 29.8 per cent in the last ten years.

In related news, China's gold production for the first quarter of 2007 was recently recorded at 56.183 tonnes, an increase of 15.99 per cent on the same period last year.

 

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