Ministry: China's gold supply gap to expand further in 2015

BY    2012-11-27 20:13:35

  China's gold consumption is expected to exceed 1,000 metric tons in 2015, but its gold output will only reach 450 tons, the Ministry of Industry and Information Technology said on Monday.

  China will strengthen the geological exploration of gold, promote related companies' mergers and reorganization, accelerate their technological upgrading and strengthen global resource allocation, said a statement from the ministry.

  China is expected to increase its gold reserves to between 8,000 and 9,000 tons during the 12th Five-Year Plan (2011-15), 20 percent higher than during the 11th Five-Year Plan (2006-10).

  Domestic gold output growth will remain at 3 to 5 percent annually during the 12th Five-Year Plan and gold output is likely to reach 450 tons in 2015. Total output during the 12th Five-Year Plan will reach 1,900 to 2,100 tons, up 30 percent over the 11th Five-Year Plan.

  China's total gold output reached 361 tons in 2011, the highest in the world for the fifth consecutive year. At the same time, China is also the biggest producer of gold jewelry, accounting for 60 percent of the global total.

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