New Year of the Golden Pig Brings Gold Reserves, Increased Output to China

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In 2006, China mined a record 240.08 tonnes of gold, an increase of 7.15% over 2005. China plans to increase production to 260 tonnes of gold in 2007, almost 20 tonnes higher than last year, according to the NDRC...

As China rang in the New Year at midnight Sunday, the nation’s National Development and Reform Commission said that China’s gold mine reserves increased to more than 650 tonnes in 2006.

The report said that through mergers and acquisitions, and the closing of unsafe small mines, the number of gold mines have been reduced to fewer than 1,000. China’s top five gold mining companies produced 40% of the nation’s total gold output, and possess more than half of the country’s gold mine reserves.

In 2006, China mined a record 240.08 tonnes of gold, an increase of 7.15% over 2005. China plans to increase production to 260 tonnes of gold in 2007, almost 20 tonnes higher than last year, according to the NDRC...

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