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China gold output pegged at 290 tons

By Yu Hongyan (chinadaily.com.cn)
Updated: 2009-03-20 18:31

China is likely to produce 290 tons of gold and explore 800 tons of gold reserves this year, a senior industry official said.

Related readings:  Economic slowdown fuels gold parties  Gold miner Zhaojin to spend 500m yuan on acquisitions  Shandong Gold profit surges 72% in 2008  China's platinum jewelry market expected to grow in 2009

China's gold output last year rose to 282 tons, while industry profit surged to 12.4 billion yuan from 9.020 billion yuan a year earlier, Miao Wei, vice-minister of industry and information technology told an industry forum, according to a statement on the ministry's website.

China mined 270.49 tons of gold in 2007, according to China Gold Association.

Gold production grew 7.6 percent annually through 2003 to 2008, with an average growth in profit of 41 percent, Miao said.

China's proven reserves of gold ranked the seventh in the world, Hou Huiming, vice-secretary of China Gold Association said in May 2008, and the country's existing gold reserve reached 4,634 tons at that time.