China becomes World's Number Three Gold Consumer, Producer

Source:

China's production of gold in 2006 increased 8 pct from the previous year to 247 tons, overtaking Australia as the world's third-largest producer of the metal, the China Daily reported, citing a survey by Gold Fields Mineral Services Ltd.

China's production of gold in 2006 increased 8 pct from the previous year to 247 tons, overtaking Australia as the world's third-largest producer of the metal, the China Daily reported, citing a survey by Gold Fields Mineral Services Ltd.

The London-based precious metals consultancy also said that demand for gold in China last year totaled 259.6 tons, up 3 pct from 2005, to make it the third-largest consumer of gold in the world, following the US and India, the newspaper reported.

The National Development and Reform Commission (NDRC), China's top industry regulator, said in February that the nation's gold production this year is projected to reach 260 tons, an increase of 8 pct year-on-year.

The NDRC also estimated that total gold production in China will be 1,300 tons from 2006 to 2010.

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