Flush with gold: China comes in second behind South Africa

Gold

China’s gold reserves have increased significantly over the past three years and it has second-largest gold resources in the world, reports the official Xinhua News Agency, citing Chen Yanhai, director of the Bureau of Raw Material under China’s Ministry of Industry and Information Technology.

Chen made the remarks during a China Gold Association conference held on May 15, saying that for several years the quantity of gold mined through geographical prospecting in the country has been larger than that consumed in production. China reported 8,200 tonnes in gold reserves at the end of 2012, coming behind South Africa with 31,000 tonnes. Meanwhile, China was also the largest producer of gold for the seventh year running, with 430 tonnes, in 2013.

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