China's gold output up 8.83% on-year to 277.02 tonnes in first 10 months

20:28, December 01, 2010      

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China's gold output rose 8.83 percent year on year to 277.02 tonnes in the first ten months of the year, the Ministry of Industry and Information Technology (MIIT) said Wednesday.

China's ten major gold companies -- including China National Gold Group Co., Zijin Mining Group Co., Shandong Gold Group Co. and Shandong Zhaojin Group Co. -- produced 135.02 tonnes, or 48.74 percent, of the total, MIIT said in an online statement.

Gold companies reported a combined net profit of 19.22 billion yuan in the January-to-October period, up 79.7 percent from one year earlier, with profit in October standing at 2.4 billion yuan.

The United States' quantitative easing policy drove the price of gold in both domestic and international markets higher, boosting Chinese gold producers' October profit, the MIIT said.

In 2009, China's cumulative gold demand totaled more than 14 billion U.S. dollars, or some 11 percent of the world's total, according to a World Gold Council report released in March.

Source: Xinhua


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