Gold Asian giants


Of the total 115 tonnes were produced by gold mines, and the rest - enrichment plant. Leading producers of gold are the provinces of Shandong, Henan, Hebei, Shanxi, Liaoning and Inner Mongolia. Administration of gold mining in the Xinjiang Uygur autonomous region has opened a significant part of gold to foreign investment. The combined output of these enterprises was 4.2 tons per year. This region is considered to be very promising for the development, geologists estimate the gold reserves in Xinjiang, 500 tons. Overall, China has proven reserves of gold in the 4 thousand tons, at a depth of 800 meters.

In 1988 the so-called open Qingling gold belt, which covers the south-western part of Shaanxi province in central China. Now there are several mining projects are implemented. Thus, the "China Clipper Gould" has concluded a joint venture agreement with the China National Nuclear Corporation to develop the field Pantszyahe, reserves of 320 million ounces. Project Pantszyahe just part of Qingling belt, where there are two producing mines. In each of these stocks are set to more than 1.2 million ounces at an average grade of 3 grams gold per tonne.

Currently, China's gold reserves of 397 tons, the country accounts for about 3% of gold resources, estimated at more than $ 140 billion. Per capita consumption of gold in mainland China is now only 0.2 grams per year, which is 1.3 grams less than the world average and less than 9 grams of consumption in Hong Kong and Taiwan. On mainland China accounts for less than 10% of world consumption of gold jewelry and jewelry.

Total in the country there are 300 enterprises producing jewelry and owned. Experts believe that in the next decade, China will become one of the most competitive center of jewelry production, and annual sales of jewelry in the country will exceed 150 billion yuan. By that time, China will account for one tenth of transactions in the jewelry world. China's accession to the gold industry creates new problems. First, openness to the world market. Under WTO rules, membership in this organization means the opening of the gold market outside world. The problem here is that the domestic gold market is still immature, the experience on the functioning of the gold market is small. Second, the competitiveness of Chinese gold companies. She obviously far behind the developed countries both companies in terms of capital and technology, and production costs.

As for the new features, we can distinguish three types of them:

- Foreign capital will enter the Chinese market in order to develop the internal resources of gold, and at the same time, foreign investors receive the same conditions as national;

- New opportunities for technological modernization and scientific and technological renovation;

- Widen financing channels for access to international borrowing capital, firms have access to a listing on foreign stock exchanges.

Ministry of Foreign Trade and Economic Relations of China announced that China welcomes foreign investment in the gold mining industry. The new so-called "Sector Guide for Foreign Investment" gold and other precious metals are transferred from the category of prohibited investments in limited investment, which means a gradual and cautious opening to the outside world the Chinese gold industry.