-CGA
(INTERFAX-CHINA)
Updated: 2008-10-07 15:03
Counter: 2011


China produced 173.32 tons of gold in the first eight months of this year, an increase of 3.43 percent year-on-year, while gold output in August alone stood at 20.81 tons, according to an Oct. 6 announcement by the China Gold Association.

China's gold mining enterprises produced a total of 142.57 tons of gold (gold bullion and compound gold) in the first eight months, up 4.84 percent on an annual basis, while gold bullion production by smelting companies (nonferrous metals smelters and gold refinery plants), using compound gold, scrap gold and imported ore as feedstock, dipped by 0.33 percent to 84.64 tons.

The table below shows China's top gold mining regions during the first eight months of 2008.

Top gold mining regions, January to August 2008 Rank

Region Share of total production, Jan -
Aug 2008 (%)
1 Shandong 20.67
2 Henan 11.25
3 Fujian 8.06
4 Inner Mongolia 4.12
5 Hunan 4.03
6 Shaanxi 3.70
7 Guizhou 3.46
8 Xinjiang 3.36
9 Gansu 3.36
10 Liaoning 3.05
Source: China Gold Association

Nonferrous metals smelting companies produced 33.47 tons of gold bullion in the eight-month period, up 0.41 percent year-on-year. The top five nonferrous metals smelters accounted for 87.03 percent of total gold output by the sector.

The below table shows China's top five nonferrous metals smelters by gold production during the first eight months of the year.

Top five nonferrous metals smelters by gold production, January to August 2008
Rank Company Share of total production, Jan
- Aug 2008 (%)
1 Jiangxi Copper Group 26.61
2 Yunnan Copper Group 24.71
3 Anhui Tongling Nonferrous 17.17
Metals Co. Ltd.
4 Shanghai Xinye Copper Co. Ltd. 9.69
5 Hubei Daye Nonferrous Metals 8.85
Co. Ltd.
Source: China Gold Association

Gold refinery companies produced 51.16 tons of gold bullion in the January to August period, down 0.81 percent from the same period a year earlier. The top five companies accounted for 78.17 percent of all gold produced by the country's gold refineries during the period.

The below table shows China's top five gold smelting companies during the first eight months of the year.

Top five gold smelting companies, January to August 2008
Rank Company Share of total production, Jan
- Aug 2008 (%)
1 Shandong Zhaojin Mining Co. 33.38
Ltd.
2 Henan Lingbao Gold Co. Ltd. 17.28
3 Zhongkuang Gold Industry Co. 10.76
Ltd.
4 Henan Zhongyuan Gold Smelting 9.95
Co. Ltd.
5 Shandong Hengbang Smelting Co. 6.80
Ltd.
Source: China Gold Association

Note: Shandong Zhaojin Mining Co. Ltd.'s output is the sum of that from three subsidiaries, namely Shandong Sinoming Gold Co. Ltd., Zhaojing Mining Co. Ltd. and Shandong Guoda Gold Co. Ltd.

Based on current gold prices, China's entire gold producing industry achieved a total industrial value of RMB 82.48 billion ($12.07 billion) in the first eight months of the year, expanding by 88.53 percent from the same period last year, with profit up 84.62 percent on an annual basis to RMB 8.89 billion ($1.30 billion).

The Shanghai Gold Exchange, China's sole precious metals spot trading platform, reported a gold trading volume of 2,800,912.20 kilograms for the first eight months of this year, rising 186.72 percent year-on-year, and trading turnover of RMB 573.64 billion ($83.7 billion), up 260.10 percent.

The Shanghai Futures Exchange reported a gold futures trading volume of 359,348 kilograms and trading turnover of RMB 66.83 billion ($9.78 billion) in August