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China is the World’s Leading GOLD Producer

China has now become the world’s leading GOLD producer, overtaking South Africa in 2007. Market liberalization has had a dramatic impact on China’s gold mining sector, and one of the most important changes has been the end to official purchases in 2003, with producers no longer forced to sell all of their production to the People’s Bank of China at regulated prices. 

A further impact of deregulation has been increased participation from foreign investors. Chinese mine production has also shown a remarkable ability to quickly respond to rising gold prices and has risen accordingly with the price. From delivering around 72 tonnes in 1987, it increased production almost fourfold by 2007, when it produced 281 tonnes. Asian production has also been boosted by the contribution from Grasberg in Indonesia, the other of the two largest mines in the world.