Thursday, January 31, 2008

The 2nd largest gold producer is CHINA

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The world's second largest gold producer in 2007 is CHINA. when its output reached 270.29 tons and is well on course to overtake South Africa to occupy the number one slot.

The output of South Africa, the world's largest producer of the yellow metal, was just two tons more than that of China, the China Gold Association said.

The National Development and Reform Commission, has set the gold production target of 1,300 tons from 2006 to 2010, during which period the country's gold base reserve is also aimed to be increased by 3,000 to 3,500 tons.

"South Africa has been the biggest gold producer since 1905. However, China is going to challenge its position," Zhou Hongtao, a gold analyst, was quoted as saying by the official Chinese news agency.

The last five years have seen China's gold output rise by 34.84 per cent. The country's gold output reached 100 tons in 1995 and it doubled by 2003.
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The output has been boosted by discovery of five major mines last year, while traditional producers, including South Africa, the US and Australia have reduced their output in recent years.

China was the fourth largest gold producer from 2000 to 2006.

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