China’s proven gold reserves reach 12,100 tonnes in 2016

Beijing (Oct 3)  China’s proven gold reserves reached 12,100 tonnes at the end of 2016, an official from the country’s gold association told Xinhua on Monday.

The figure revealed by Zhang Yongtao, vice chairman of the China Gold Association (CGA), makes China the world's second largest gold holder after South Africa, Xinhua said.

The number for China’s proven gold reserves, which means gold in the ground that is economically viable for mining, is also more than six times higher than the 2,000 tonnes estimated by the US Geological Survey in its annual report.

The Xinhua report said China has been the world's biggest gold producer for 10 years and the largest gold consumer for four years, and aims to increase its annual gold output to 500 tonnes by 2020 from around 450 tonnes currently.

In the first half of this year, a total of 207 tonnes of gold were produced, down 9.8 percent from a year ago, according to the CGA.

Meanwhile, gold consumption rose nearly 10 percent year on year to 545 tonnes in the six-month period, with consumption of gold bars up more than 50 percent.

In March, a previously undiscovered gold mine that was believed to be the largest ever in the China was found in Shandong Province, capable of supplying an estimated 550 tonnes of gold over the next two years.

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