Global Miners Eye 10,000 Gold Deposits in China
Source: Commodity Online (6/8/09)
". . .China will be a major catalyst in the field in the coming years."
For several years, South Africa used to be the world's number one gold mining country. But these days, China is emerging as the top gold miner and producer.
So what is happening to the Chinese gold mining industry? Are the global gold-mining leaders and bullion investment companies heading to Chinese provinces to mine gold? Is that the way China would now amass more gold reserves?
There is no end to China's race to the super power status—whether it is in industrialization or mining. In fact, China has left competitors far behind in gold mining field.
Now, China is the top gold-mining country in the world with more and more mines being readied for production. Like in the case of agricultural commodities, for gold mining also, China is the right place to be in, if chief executives of some leading gold mining companies in the world are to be believed.
One major factor helping China achieve mining super-power status is cheap and easy availability of capital.
Experts said that Chinese gold companies and the Chinese gold industry are undergoing a revolutionary change and China will be a major catalyst in the field in the coming years.
China, currently the largest gold-producing country in the world, was highly prospective for the precious metal but under explored. About 10,000 gold deposits had been identified within its borders so far.
So when you are asked which country is the hottest global destination for gold mining? China, South Africa or Australia? Undoubtedly, you can answer it is China that is attracting global gold miners these days.