China's Biggest Gold Supplier onto the Arena

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Last updated at: (Beijing Time) Monday, October 28, 2002

China's Biggest Gold Supplier onto the Arena

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With the two trial operations in Shanghai Gold Exchange coming to an end, the biggest supplier in China's gold market has gradually come to show up. During the four days' trading, China Gold Co. Ltd. under the China National Gold Corporation carried off a trading amount of 52 percent, becoming the biggest gold supplier in the Gold Exchange.

According to the relevant statistics, at the two transactions in the four days of Oct. 16,17, 22 and 23 this month, the Shanghai Gold Exchange had fulfilled a trading of 226 kilograms of real gold with a total trading value of 18.47267 million yuan in people's currency. And of the total amount of gold, the standard gold-bullion supplied by CHNGOLD came to 118 kilograms with a total trading value of RMB 9.7785 million yuan, taking up 52 percent of the transaction.

As learned, China Gold Co. Ltd. under the China National Gold Corporation is an enterprise integrating gold mining, extracting and refining and processing into one. At present, the total assets of the company has reached 650 million yuan in people's currency and the gold reserve of its three subordinate gold mines adds up to 30 tons, the highest reserve in the country. The company sees an annual gold production of 9 tons with the refined gold up to 3 tons. As time goes on the 7 tons of gold produced by China National Gold Corporation will also be branded the product of CHNGOLD. With this regard, one of the responsible persons of China National Gold Corporation expressed, "Beyond doubt, when the Shanghai Gold Exchange goes into operation, China Gold Co. Ltd. will become the biggest gold supplier in China".

As Song Xing, Chairman of the China Gold Co. Ltd. revealed, the company is now actively engaged in the preparation for its A-share listing in Shanghai Stock market. Up to now, the coaching period for the listing of the company has come to an end and is waiting for the approval of China Securities Regulatory Commission. Once it succeeds in the listing it will become a No.1 Gold Shareholder in China, a significant entity in name and in form as well.

Song Xing said, "China Gold Co. Ltd. will get the product certificate for entering the London International Marketing Association next year. This means that the gold-bullion of the company may circulate among the international banking corporations and the company is going to stand out the first enterprise with gold mines in China, whose product is about to enter the international market for exchange."

By People's Daily Online

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