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China remains world's top gold producer for consecutive sixth year

Beijing, Thu, 07 Feb 2013 NI Wire

For the consecutive sixth year, China has become the top gold producer in the world. It has increased its share 11.66 percent from a year earlier to hit a record high.

According to latest industry association data sources, China has produced the most gold in the world in 2012, making it the largest producer for the sixth straight year.

The China Gold Association has said that China's gold output increased 11.66 percent from a year earlier to hit a record high of 403.05 tonnes in 2012.

The output was almost 100 times that of 1949, when the country produced just 4.07 tonnes.

It attributed the increase to favourable government polices, which have put the industry on a fast track and made it a pillar industry in many of the country's gold producing areas.

The country's top 10 gold producers, including provinces of Shandong, Henan, Jiangxi, accounted for 82.71 percent of the total national output last year.

It is noted that China surpassed South Africa to become the largest gold producer in 2007.

China is currently the world's second-largest gold consumer after India, with total gold consumption at 761.05 tonnes in 2011, the association said in a report released in December.

(With inputs from IANS)

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