China tops world in gold output in 2010

10:31, February 07, 2011      

Email | Print | Subscribe | Comments | Forum 

China, which became the world's largest gold producer since in 2007, retained its position again in 2010 by mining 340.88 tonnes, up 8.57 percent year on year, the China Gold Association said Sunday.

Increases in gold output will help China hedge against financial risks and inflation, as well as maintain economic security, the association said.

The number of domestic gold producers shrank to around 700 at the end of 2010, from 1,200 in 2002, through mergers and acquisitions. At present, China's top ten producers account for 49.19 percent of the total gold output.

Production is concentrated in five provinces, including Shandong, Henan, Jiangxi, Yunnan, and Fujian, which account for 59.82 percent of total output.

Violent movements in asset prices caused by the financial crisis boosted Chinese investors' demands for gold as a safe haven. The yearly average gold price jumped 25.6 percent from one year earlier to 1,224.53 U.S. dollars per ounce.

Source: Xinhua
  • Do you have anything to say?


Special Coverage
  • Focus On China
  • Shanghai World Expo 2010
Major headlines
Editor's Pick
  • Blood, violent, graceful, brave: Bullfighting in Colombia
  • Chinese New Year Celebrations in Chinatown of Ottawa
  • 3rd military clash breaks out between Cambodian, Thai troops
  • Police peacefully take 9 more Rio slums off drug traffickers
  • Palestinians demonstrate in support of anti-Mubarak upheaval
  • 2 killed in shootout in Pakistan
Hot Forum Dicussion