China's Xinjiang produces record 12.1 tons of gold last year
China's largest province, Xinjiang, situated in the northwest of the country, produced 12.1 tons of gold last year, a new record.
According to Gold Administration Bureau of Xinjiang, last year's output increased by 15.18 percent from that of 2010.
As a major gold production area of the world's largest gold producer, Xinjiang has seen eight consecutive years of boosting gold production.
It is expected that, in 2012, Xinjiang will produce about 14 tonnes of gold, also an increase of over fifteen percent.
Xinjiang has become the priority investment choice for China's domestic large gold enterprises. In 2011, Xinjiang had six gold enterprises with an annual production of over 500 kg and 20 with over 100 kg.
Xinjiang has 28 metallogenic gold mine belts and over 600 gold mine sites. The province's predicted gold resource amount is 207.48 tonnes.
China's gold consumption in 2011 reached 761.05 tonnes, representing a year-on-year rise of 33 percent, according to the latest data released by the China Gold Association. In 2010 its gold output reached 340.876 tonnes.
Xinjiang has become a popular area in China for detecting and exploring gold in recent years. Since last year, some small gold enterprises who are financially and technologically weak have been encountering difficulties and a number of such firms have started to sell their shares and withdraw from the market.
Xinjiang has actively encouraged large domestic enterprises to integrate gold mine resources, so as to promote the restructuring of its gold industry.
Large domestic gold mining groups such as the China National Gold Group, Shandong Zhaojin Group, Henan-based Lingbao Gold and Shandong-based Penglai Jinchuang Group Corporation, have successively acquired a group of gold mines including Sarekuobu Gold Mine located in Altay and the gold mine owned by Xinda Gold Mining Company located in Tuoli County, while also investing in gold resource exploitation and technological upgrading.
Source: Bloomberg
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