China find new gold deposits are estimated at 15 tons in the Na Neng, Guangxi. The discovery was announced Cooperation China National Gold Group (CNGGC), Monday (7 / 7).
"Na Neng gold mining located in the Special Autonomous Region of Guangxi previously only had five tons of gold reserves," he stated an official who asked not to be named. As quoted by Xinhua on Monday (7 / 7), China currently has 330 large-scale gold mining in the entire territory, with a daily ore production reached 11,000 tones.
CNGGG previously announced the Ministry of Finance has provided funding of about 47.75 million yuan, or 6.96 million U.S. dollars from the central budget in 2008 in an effort to help the future of new mines. This year, China surpassed the United States to become the second largest gold producer in the world after South Africa. In 2007, China's gold production reached 270,491 tons, up 12.67 percent year on year.
To encourage further gold trading market and make gold resources more easily accessible to individual investors, Beijing Equity Exchange (BEE) has launched a gold trading center last weekend. Gold bars can now be traded through BEE between buyers and sellers. Four types of gold bars sold in the center of the gold, including gold one ounce, two ounces, five ounces and 10 ounces.
Lian Yu, deputy head of BEE say, the price of gold bullion consists of basic price of gold and other charges. "BEE had intercourse with several members and cooperation," Liang said.
Meanwhile, Qiu Hanyi, a futures analyst, said gold prices are expected to continue increasing as rising oil prices on world markets as well as domestic inflationary pressure. "But investors should remain cautious running the risk of trade," said the analyst.
China's gold consumption showed a strong growth in recent years. Sales in China, including Hong Kong and Taiwan, reaching a record 363.3 tons in 2007. Gold reserves in the whole of China were estimated at 15,000 tons to 20,000 tons, which placed seventh largest gold reserves in the world.
"Na Neng gold mining located in the Special Autonomous Region of Guangxi previously only had five tons of gold reserves," he stated an official who asked not to be named. As quoted by Xinhua on Monday (7 / 7), China currently has 330 large-scale gold mining in the entire territory, with a daily ore production reached 11,000 tones.
CNGGG previously announced the Ministry of Finance has provided funding of about 47.75 million yuan, or 6.96 million U.S. dollars from the central budget in 2008 in an effort to help the future of new mines. This year, China surpassed the United States to become the second largest gold producer in the world after South Africa. In 2007, China's gold production reached 270,491 tons, up 12.67 percent year on year.
To encourage further gold trading market and make gold resources more easily accessible to individual investors, Beijing Equity Exchange (BEE) has launched a gold trading center last weekend. Gold bars can now be traded through BEE between buyers and sellers. Four types of gold bars sold in the center of the gold, including gold one ounce, two ounces, five ounces and 10 ounces.
Lian Yu, deputy head of BEE say, the price of gold bullion consists of basic price of gold and other charges. "BEE had intercourse with several members and cooperation," Liang said.
Meanwhile, Qiu Hanyi, a futures analyst, said gold prices are expected to continue increasing as rising oil prices on world markets as well as domestic inflationary pressure. "But investors should remain cautious running the risk of trade," said the analyst.
China's gold consumption showed a strong growth in recent years. Sales in China, including Hong Kong and Taiwan, reaching a record 363.3 tons in 2007. Gold reserves in the whole of China were estimated at 15,000 tons to 20,000 tons, which placed seventh largest gold reserves in the world.
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