The ASIA Miner electronic news service this week concludes the extracts from Goldletter International"s report on China"s gold industry. In the Third Quarter, July-September 2007 issue of The ASIA Miner magazine, we present Marino Pieterse"s overview that China will emerge as the world"s largest gold producer by 2010.
This week we list the 10 largest foreign mining companies with a gold focus in China.
The suggestion has been made in the past that China does not host any sizeable, continuous gold deposit amenable to commercial production based upon the fact that the largest mine was producing in the region of 100,000 ounces gold annually with the annual average closer to 16,000 ounces.
This picture is outdated, however as production from its major national mines is growing, and production from a growing number of gold projects developed by foreign companies is coming on stream. These will contribute approximately 12.5 tonnes (400,000 ounces) of gold in 2008, equal to 5% of total production and this is expected to double by 2010.
Missing many of the sophisticated techniques of the western approach including highly sensitive geochemical and geophysical survey as well as high-end interpretation of satellite imagery, China is relatively undiscovered. This offers a high potential for successful exploration.