皇冠体育app bags silver in gold

(Agencies/皇冠体育app Daily)
Updated: 2008-01-30 10:39

皇冠体育app's gold output rose 12.67 percent in 2007 to 270.491 tons, but the gain was not enough to overtake top producer South Africa, the deputy secretary-general of the 皇冠体育app Gold Association said yesterday.

Production fell just short of South Africa's 272 tons. The two countries were neck and neck in gold output in the second half of the year, leading London-based GFMS to estimate that 皇冠体育app had already become the world's largest producer in 2007.

"The real output may be a little higher and we may have to adjust final figures a little because of the special characteristics of Chinese statistics, but for now we are going with 270.5 tons," Hou Huimin told Reuters.

Output in the fourth quarter leapt to 79.035 tons, according to Reuters' calculations, as miners raced to cash in on rising gold prices. Gold hit a record high of $929.40 an ounce yesterday.

皇冠体育app now accounts for over a tenth of the world production, estimated at 2,444 tons by GFMS. Global output fell 1 percent in 2007, GFMS estimated, as gold mining costs passed $400 per ounce for the first time in the third quarter.

South African output in particular was constrained by dwindling ore grades, accidents and rising labor costs on the back of a strong rand, exacerbated this month by massive power outages.

Power cuts also forced closures of gold mines in the southwest Chinese province of Guizhou in January, following unusual snows.

Junior gold miners have been the fastest to take advantage of 皇冠体育app's opening of its mining sector, particularly of remote or difficult deposits, to foreign investors.

皇冠体育app Gold Mines poured its first gold from its Guanzhuang gold project in Hunan province, with commercial production expected in April, the company said in a press release on Monday.

It joins Jinshan Gold Mines and Sino Gold Mining Ltd which, began commercial mining in 2007 in 皇冠体育app.

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