Thursday, 29th May 2008 (727 views)

China has discovered five "major bullion deposits" and the country's output of the precious metal could exceed 300 tonnes this year, the China Gold Association (CGA) has reportedly said.

Hou Huimin, the CGA's deputy director, told a meeting at the Shanghai Derivatives Market Forum that the largest of the five discoveries is the Yangshan deposit in the north-west region of Gansu province, which has estimated resources of 308 tonnes of gold, Business Report states.

Mr Hou added that the other discoveries were the Gandise deposit in Tibet, the Dacheng deposit in Qinghai province, the Sizhuang deposit in the east of Shangdong province and the Baolun deposit in the southern area of Hainan province.

Overall, he added, the CGA believes China's total gold resources now stand at between 15,000 and 20,000 tonnes.

Furthermore, its production of gold bullion in the first two months of 2008 totalled 38.2 tonnes.

According to research by GFMS, China overtook South Africa as the world's largest gold producer in 2007.

 

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