CHINA CEMENTS PLACE AS WORLD'S TOP GOLD PRODUCER

Kristie Batten [http://www.miningnews.net] -- CHINA has outdone South Africa to be named the world’s top gold producer for the second year running, according to figures from the China Gold Association.
Chinese newspaper, the Shanghai Daily, reported that China’s gold production in 2008 increased 4.26% to 282 tonnes or just over 9.9 million ounces.

The provinces of Shandong, Henan and Jiangxi were the top three gold mining provinces, producing 46.4% of the country's total.
The Shandong province is home to Australian miner Sino Gold’s BioGold processing facility.

Investment in gold was also up, with the CGA reporting a 174.8% increase in trading volume on the Shanghai Gold Exchange to 868.39 billion yuan ($A194.63 billion).
Precious metals consultancy GFMS said global gold production in 2008 fell by 88 tonnes, reflecting lower production in South Africa, Indonesia and Australia, while the only countries to increase production were China and Russia.
GFMS estimated South Africa’s gold production in 2008 dropped by 14%.

South Africa has the world’s largest amount of gold reserves but the country’s gold mining industry has been steadily declining over the past decade.
According to the research report, Gold in South Africa, the nation’s gold production in 2006 accounted for 11.8% of new global mine supply, compared to more than 20% just 10 years earlier.

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