Miao Wei, Vice Minister for the Ministry of Industry and Information Technology (MIIT), recently said at the national working conference on gold that the main goal of the gold industry in 2009 is to add 800 tons of gold to the reserves.

Miao said that in 2009, gold output should reach 290 tons; newly-added gold reserves should reach 800 tons; the output and revenue of the top 10 enterprises in the gold industry should account for more than 50 percent of the whole industry; and the recovery rate of gold mine resources should increase by 2 percentage points.

Miao also said that from 2003 to 2008, China's average annual gold output grew 7.6 percent and profits increased by an average of 41 percent each year. Output in 2008 amounted to 282 tons with profits reaching 12.4 billion yuan, both setting new historic records.

Geological exploration in gold mines has made considerable achievements with reserves of gold resources increasing by an average of around 700 tons each year. In addition, the initial structure of the large gold enterprises leading China's gold industry development has already been formulated.

By People's Daily Online