SHANGHAI, Nov 26 (Reuters) - Top gold producer China aims to
produce between 420 and 450 tonnes of the precious metal in
2015, up about 25 percent from 2011, while consumption may reach
1,000 tonnes by then, the Ministry of Industry and Information
Technology said on Monday.
China is already the main consumer of a range of
commodities, including copper, coal and iron ore, and the
world's second-largest gold consumer after India has to import
large quantities of bullion to satisfy domestic demand.
"The short supply for gold in China will last in the coming
years," the MIIT said in a statement, adding that China aims to
produce 1,900 to 2,100 tonnes of gold between 2011 and 2015, up
more than 30 percent from the preceding five years.
However, a series of obstacles such as the fragmented
distribution of resources, high costs and low grades could weigh
on output growth, the MITT said.
It gave no further details, but said that China aimed to
keep unmined gold resources at 8,000 to 9,000 tonnes by 2015, up
more than 20 percent from 2010. China produced 288 tonnes of
gold for the first nine months, up 11.3 percent from a year ago.
Gold demand in the country is expected to grow 1 percent
this year to a record of around 860 tonnes, the global head of
metals at consultancy Thomson Reuters GFMS said, with both
jewellery and investment sales rising.
Reporting by Ruby Lian, Writing by Lewa Pardomuan; Editing by
Gainesville Coins is offering the 2012 1 oz American Gold Eagle at as low as $67.99 over spot. Gainesville Coins is offering the 1 oz Silver Buffalo Round at as low as $0.79 over spot.