The MasterBlog: China 2007 gold output up 12.67 pct, still No. 2| Reuters
Subscribe to The MasterBlog in a Reader Subscribe to The MasterBlog by Email

MasterBlogs Headlines

Tuesday, January 29, 2008

China 2007 gold output up 12.67 pct, still No. 2| Reuters


UPDATE 2-China 2007 gold output up 12.67 pct, still No. 2

Tue Jan 29, 2008 6:04am EST

(Adds global output in graf 5)

By Lucy Hornby

BEIJING, Jan 29 (Reuters) - China's gold output rose 12.67 percent in 2007 to 270.491 tonnes, but the gain was not enough to overtake top producer South Africa, the vice secretary general of the China Gold Association said on Tuesday.

Production fell just short of South Africa's 272 tonnes. The two countries were neck and neck in gold output in the second half of the year, leading London-based GFMS to estimate that China had already become the world's largest producer in 2007.

"The real output may be a little higher and we may have to adjust final figures a little, because of the special characteristics of Chinese statistics, but for now we are going with 270.5 tonnes," Hou Huimin told Reuters.

Output in the fourth quarter leapt to 79.035 tonnes, according to Reuters' calculations, as miners raced to cash in on rising gold prices. Gold hit a record high of $929.40 an ounce on Tuesday.

China now accounts for over a tenth of world production, estimated at 2,444 tonnes by GFMS. Global output fell 1 percent in 2007, GFMS estimated, as gold mining costs passed $400 per ounce for the first time in the third quarter.

South African output in particular was constrained by dwindling ore grades, accidents and rising labour costs on the back of a strong rand, exacerbated this month by massive power outages.

Power cuts also forced closures of gold mines in the southwest Chinese province of Guizhou in January, following unusual snows.

Junior gold miners have been the fastest to take advantage of China's opening of its mining sector, particularly of remote or difficult deposits, to foreign investors.

China Gold Mines poured its first gold from its Guanzhuang gold project in Hunan province, with commercial production expected in April, the company said in a press release on Monday.

It joins Jinshan Gold Mines (JIN.TO: Quote, Profile, Research) and Sino Gold Mining Ltd (SGX.AX: Quote, Profile, Research)(1862.HK: Quote, Profile, Research) which began commercial mining in 2007 in China. (Editing by Anne Marie Roantree and Michael Roddy)

© Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests.
 

No comments:

Post a Comment

Commented on The MasterBlog

Tags, Categories

news United States Venezuela Finance Money Latin America Oil Current Affairs Middle East Commodities Capitalism Chavez International Relations Israel Gold Economics NT Democracy China Politics Credit Hedge Funds Banks Europe Metals Asia Palestinians Miscellaneous Stocks Dollar Mining Corruption ForEx obama Iran UK Terrorism Africa Demographics UN Government Living Russia Bailout Military Debt Tech Islam Switzerland Philosophy Judaica Science Housing PDVSA Revolution USA War petroleo Scams articles Fed Education France Canada Security Travel central_banks OPEC Castro Colombia Nuclear freedom EU Energy Mining Stocks Diplomacy bonds India drugs Anti-Semitism Arabs populism Brazil Saudi Arabia Environment Irak Syria elections Art Cuba Food Goldman Sachs Afghanistan Anti-Israel Hamas Lebanon Silver Trade copper Egypt Hizbollah Madoff Ponzi Warren Buffett press Aviation BP Euro FARC Gaza Honduras Japan Music SEC Smuggling Turkey humor socialism trading Che Guevara Freddie Mac Geneve IMF Spain currencies violence wikileaks Agriculture Bolívar ETF Restaurants Satire communism computers derivatives Al-Qaida Bubble FT Greece Libya Mexico NY PIIGS Peru Republicans Sarkozy Space Sports stratfor BRIC CITGO DRC Flotilla Germany Globovision Google Health Inflation Law Muslim Brotherhood Nazis Pensions Uranium cnbc crime cyberattack fannieMae pakistan Apollo 11 Autos BBC Bernanke CIA Chile Climate change Congo Democrats EIA Haiti Holocaust IFTTT ISIS Jordan Labor M+A New York OAS Philanthropy Shell South Africa Tufts UN Watch Ukraine bitly carbon earthquake facebook racism twitter Atom BHP Beijing Business CERN CVG CapitalMarkets Congress Curaçao ECB EPA ETA Ecuador Entebbe Florida Gulf oil spill Harvard Hezbollah Human Rights ICC Kenya L'Oréal Large Hadron Collider MasterBlog MasterFeeds Morocco Mugabe Nobel Panama Paulson Putin RIO SWF Shiites Stats Sunnis Sweden TARP Tunisia UNHRC Uganda VC Water Yen apple berksire hathaway blogs bush elderly hft iPad journalism mavi marmara nationalization psycology sex spy taxes yuan ALCASA ANC Airbus Amazon Argentina Ariel Sharon Australia Batista Bettencourt Big Bang Big Mac Bill Gates Bin Laden Blackstone Blogger Boeing COMEX Capriles Charlie Hebdo Clinton Cocoa DSK Desalination Durban EADS Ecopetrol Elkann Entrepreneur FIAT FTSE Fannie Freddie Funds GE Hayek Helicopters Higgs Boson Hitler Huntsman Ice Cream Intel Izarra KKR Keynes Khodorskovsky Krugman LBO LSE Lex Mac Malawi Maps MasterCharts MasterLiving MasterMetals MasterTech Microsoft Miliband Monarchy Moon Mossad NYSE Namibia Nestle OWS OccupyWallStreet Oligarchs Oman PPP Pemex Perry Philippines Post Office Private Equity Property QE Rio de Janeiro Rwanda Sephardim Shimon Peres Stuxnet TMX Tennis UAV UNESCO VALE Volcker WTC WWII Wimbledon World Bank World Cup ZIRP Zapatero airlines babies citibank culture ethics foreclosures happiness history iPhone infrastructure internet jobs kissinger lahde laptops lawyers leadership lithium markets miami microfinance pharmaceuticals real estate religion startup stock exchanges strippers subprime taliban temasek ubs universities weddimg zerohedge

Subscribe via email

Enter your email address:

Delivered by FeedBurner

AddThis

MasterStats