Major Gold companies such as Shandong Gold, Zijing Mining and Zhaojin Mining are already in the fray for overseas takeovers, analysts said.
BEIJING(BullionStreet): "China's top rank in gold production will be challenged soon unless the dragon nation find ways to extend operating lives of it's existing mines.
"Apart from that China also has one of the smallest percentages of global gold-mine reserves, at less than 5%, which underscores the need for the resource-hungry giant to find its bullion elsewhere.
"Analysts said Chinese gold players are definitely on the hunt for external resources, in part because the domestic quality of gold isn't as good, and also because they want access to superior gold-mining technology.
"They added that while Chinese gold-mining technology can reach to depths of at most 2,000 meters below sea level, foreign technology can penetrate three times deeper. ..."