Chinese Gold Mining as a Source of Gold Supply

Posted at BullionStar

As the world’s top gold producing country, Chinese mines produced over 450 tonnes of gold output during 2016. Next to gold imports into China, this gold mining output is the second largest source of gold flowing into the Chinese gold market, mostly via Shanghai Gold Exchange. The Chinese authorities now have a target of 500 tonnes of gold output per year by 2020.

In addition to these huge annual gold output figures, China now claims to have over 11,000 tonnes of identified in-ground gold resources, and its mining companies are finding more gold resources across the country all the time. For example, the Shandong Gold group recently identified a huge new gold deposit in Shandong province called the Xiling gold deposit, which it estimates will produce 550 tonnes of gold during its mine life. Detachments of China’s armed forces are also active as gold survey and exploration specialists across the Chinese nation.
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