China`s gold output drops in H1
Source: www.chinamining.org Citation: Xinhua Date: July 31, 2017
China`s gold output dropped in the first half of this year due to stricter rules on solid waste from production and shrinking reserves.
A total of 206.54 tonnes of gold were produced in January-June, down 9.85 percent from a year ago, according to the China Gold Association. Among the total, 178.46 tonnes were gold mineral, while 28.08 tonnes were a byproduct of nonferrous metal smelting.
The ten top gold producers accounted for 53.24 percent and 39.74 percent of the country`s total refined gold and gold mineral output respectively.
China adopted new rules last year to raise environmental requirements on solid waste from gold prospecting, leading to a wave of gold mine closures and output declines in major producing provinces, including Shandong, Jiangxi and Hunan.
Years of intensive gold mining has resulted in falling reserves and production halts in several areas, including Qinghai and Gansu.
Despite the downturn, gold consumption rose nearly 10 percent year on year to 545.23 tonnes in H1, with surging imports. The consumption of gold bars increased more than 50 percent.
Gold has again become a favorite of investors who are looking for safe assets in fear China`s gold output dropped in the first half of this year due to stricter rules on solid waste from production and shrinking reserves.
A total of 206.54 tonnes of gold were produced in January-June, down 9.85 percent from a year ago, according to the China Gold Association. Among the total, 178.46 tonnes were gold mineral, while 28.08 tonnes were a byproduct of nonferrous metal smelting.
The ten top gold producers accounted for 53.24 percent and 39.74 percent of the country`s total refined gold and gold mineral output respectively.
China adopted new rules last year to raise environmental requirements on solid waste from gold prospecting, leading to a wave of gold mine closures and output declines in major producing provinces, including Shandong, Jiangxi and Hunan.
Years of intensive gold mining has resulted in falling reserves and production halts in several areas, including Qinghai and Gansu.
Despite the downturn, gold consumption rose nearly 10 percent year on year to 545.23 tonnes in H1, with surging imports. The consumption of gold bars increased more than 50 percent.
Gold has again become a favorite of investors who are looking for safe assets in fear of fragile global financial markets amid rising geopolitical uncertainty, the association said.
Global gold prices averaged 1,238.6 U.S. dollars per ounce in H1, 1.43 percent higher than a year ago.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin in September 23-25, 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.