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China set to remain world’s top gold producer

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Accra, Ghana — MININGREVIEW.COM — 12 January 2009 – Latest indications are that China is moving towards consolidating its position at the world’s top gold producer.

The country’s Ministry of Industry and Information Technology has released figures for the country’s gold output in November, showing that production for the year to end-November 2008 reached 246.51 tonnes.

Reporting from here, allAfrica.com quotes the Ghanaian Chronicle as revealing that this was 2.14% higher than the figure for the first 11 months of 2007 – the year in which Chinese gold production exceeded that of South Africa for the first time, making it the world’s top producer.

The report added that, with South African output continuing to decline, this would have consolidated China’s position as the world No. 1. It went on to say that, with declining output in a number of countries, of which South Africa’s is the most significant, and only a small increase in China, it looked as if world gold output was likely to fall further again once full 2008 statistics were available.

allAfrica.com says this will please those predicting higher and higher gold prices in the years ahead. It should be noted, however, that demand figures out of the traditional gold buying nations like India, Turkey and the Middle Eastern states have shown a sharp drop over the past few months. There have also been reports of increasing sales of gold from private holders into the markets as individuals feel that prices are high and not likely to move much higher.