Recently China has become the world’s largest gold producer.The China Gold Group states that China’s gold output in 2013 is predicted to hit 430 tons, with consumption set to exceed 1,000 tons.
Last year China’s gold output hit 403 tons which has risen for the sixth consecutive year.
Gold production in china has usually been concentrated in the eastern provinces of Shandong, Fujian, Liaoning and Henan,
Recently the gold production is strenuous in western provinces such as Guizhou and Yunnan has seen a severe increase but from a comparatively small corrupts. There is also gold mining in the County east of Lhasa Tibet in Maizhokunggar.
Australia’s Sino Gold Mining and Gold Fields and have set up a joint project focused on discovering large gold deposits in China with the probable to produce about 500,000 ounces a year.
Also the Australian company Sino Gold has been buying stakes in Chinese gold explorers and deposits.
Though china’s export role is increasing, most of the gold production stays in the country where it is transformed into manufactured items and jewelry.
According to Barclays Research, China has proved its rare competence to produce anything from toys to refined electronic devices at the lowest cost anywhere in the world.
Gold mining cash costs in china is lower than global cash costs. Based on 11% of China mine production, the weighted average cash cost of $549/Oz would place China around the 27th percentile of Barclays global cost curve, near the lower quartile.