Faced with a global gold market
Chinese looking for gold in Venezuela and Brazil

Source: Reuters
20/11/10

China National Gold Group Corporation (CNGGC), the leading gold producer China, announced it is looking for sites in countries like Brazil, Venezuela, Russia, Mongolia and Congo, said Thursday the official newspaper China Daily. CNGGC increase its annual production capacity of 50 tons over the next five years, and up to 40% are produced abroad.
Haiqing Du, vice president of the firm, said during a conference in Tianjin (southeast of Beijing) who are seeking foreign reserves to expand its production by 20 tons by the end of 2015.
"We are looking for sites in Congo, Brazil, Russia, Venezuela and Mongolia, and most of them are in the early stages of geological exploitation," said Du (surname) the newspaper.
China International Gold Resources Corp, a subsidiary of CNGGC and formerly known as Jinshan Gold Mine, on Wednesday began their subscriptions for release in Hong Kong, which it hopes to raise up to $ 309 million (226 million euros).
According to the manager, CNGGC this year will reach a record production of 32 tons, compared with 28 tonnes collected in 2009 to take advantage of high demand for this metal in China.
With some 70 sites throughout China, the state produces 10 percent of the national gold and its reserves will reach 1,300 tons this year from the 275 which accounted in 2006.
China, the largest gold producer and third largest consumer in the world, expects higher production in 2010, when it exceeded 320 tons so far this year.
Last year, Chinese gold production increased by 11.3 percent up to 313.9 tonnes, 13 percent of the global total.
Global demand for gold rose in the third quarter by 12 percent year to the 922 tons due to increased consumption in emerging economies like India, China, Russia and Turkey, according to the World Gold Council (WGC, for its acronym in English) published this week. EFE

Gold rises
Although in the last days of raw materials fell, the increase occurred so far this year stood at historical values of gold near $ 1,400 an ounce. The huge demand remains in line with an economy growing at rates close to double digits, despite the cooling measures were proposed by the government.

Global demand for gold rose 12% in the third quarter year on year to its 922 tonnes due to increased consumption in emerging economies such as India, China, Russia and Turkey, according to the World Gold Council, published recently.