Record gold output could put 2010 China consumption at 600 tonnes

Author: Lawrence Williams
From Mineweb.com

Chinese 2010 gold output is estimated by government sources at around 340 tonnes for 2010, a new record, suggesting the country's total consumption may have reached close to 600 tonnes.

China, already the world's largest gold producer, looks to have further increased its mine production in 2010. According to the country's Ministry of Industry and Information Technology, it is expected t to reach a new record of around 340 tonnes or more - a more than 8% increase over the 2009 figure of 319,980 tonnes. This is now the 6th successive year in which the country has raised its gold output.

Actual output for the first 11 months of the year, according to official figures, was 308.39 tonnes, up 9.2% on the same period in 2009.

Given that China also imported a record tonnage of gold this gives yet another indication of the growing importance of Chinese demand on the global gold sector.....read on