Gold mining in China
{{Short description|Overview of gold mining in the People's Republic of China}}
File:China Gold Production.png
Gold mining in the People's Republic of China has propelled the country to become the world's largest gold producer since 2007. In 2022, China produced approximately {{convert|403|metric ton|t}} of gold, maintaining its top global position.{{Cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/research/china-mining-by-the-numbers-2022|title=China – Mining by the numbers, 2022|website=S&P Global|access-date=2025-04-10}}
Historical and regional development
China overtook South Africa in 2007 to become the world’s largest gold producer, with output rising to {{convert|276|metric ton|t}} that year, compared to South Africa’s {{convert|272|metric ton|t}}.{{Cite web|url=http://allafrica.com/stories/200801180517.html|title=South Africa: Booming China is World's New Egoli|website=AllAfrica.com|access-date=2025-04-10}} South Africa had led gold production for over a century before declining due to rising costs and depleting reserves.
By 2022, China had maintained its top position with production reaching {{convert|403|metric ton|t}}, although it holds only around 7% of the world's known gold reserves.{{Cite web|url=https://www.statista.com/statistics/238414/major-countries-in-gold-mine-production/|title=Major countries in gold mine production 2023|website=Statista|access-date=2025-04-10}} Mining is concentrated in eastern provinces like Shandong, Henan, Fujian, and Liaoning, with newer growth in the west, including Guizhou, Yunnan, and Tibet. A prominent site is in Maizhokunggar County near Lhasa.{{cite news |author=Barboza |first=David |date=March 29, 2013 |title=China: Landslide Buries Workers at Mine in Tibet |url=https://www.nytimes.com/2013/03/30/world/asia/china-landslide-buries-workers-at-mine-in-tibet.html |access-date=March 30, 2013 |newspaper=The New York Times}}
Industry structure and major companies
In 2000, over 2,000 mostly small and inefficient producers operated in China. By 2007, industry consolidation reduced that number to around 800. However, many firms still lag behind in technology and management compared to international standards.
The dominant domestic player is the China National Gold Group Corporation (CNGGC), which contributes about 20% of China’s total gold output and controls over 30% of national reserves. CNGGC also manages Zhongjin Gold, China’s first publicly listed gold mining company.
Starting in 2006, the Chinese government promoted outbound mining investment. By 2015, Chinese firms were involved in over 120 mining projects across Africa.{{Cite news|url=http://www.mining.com/feature-chinas-scramble-for-africa/|title=The Chinese scramble to mine Africa|date=2015-12-15|newspaper=MINING.com}}
To support risk management in the domestic market, China launched its first gold futures market on the Shanghai Futures Exchange in 2008, enabling producers to hedge against volatile global prices.{{cite web|url=https://www.forbes.com/markets/2008/01/10/china-gold-futures-cx_jc_0110markets1.html|title=China Launches Gold Futures Trading|publisher=Forbes|archive-url=https://web.archive.org/web/20080124030349/http://www.forbes.com/markets/2008/01/10/china-gold-futures-cx_jc_0110markets1.html|archive-date=2008-01-24}}
References
{{Economy of China|state=collapsed}}
{{Gold mining companies of China}}
{{Asia topic|Gold mining in}}