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China set to be world's top bullion producer for 7th straight year
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CHINA is posed to retain the title of the world's top bullion producer for the seventh consecutive year by producing a record amount of gold at 430 tons this year, according to Du Haiqing, vice general manager at China Gold Group Corp.
Gold output in China is expected to rise 6.7 percent from 403 tons in 2012. Production during the first eight months has reached 270 tons, Du said at a mining conference in Tianjin today.
Gold consumption also continued to grow in China, which is expected to exceed 1,000 tons this year, 20 percent up from last year, according to Du.
China is the second-biggest gold consumer in the world after India. It may overtake India to become the biggest market this year as bullion consumption jumped 54 percent year-on-year in the first half, according to the China Gold Association.
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