"BEIJING -- China aims to have domestic gold production reach 450 metric tons by the end of 2015, a rise of around 25% from 2011, the Ministry of Industry and Information Technology said Monday.
"The ministry forecast rising domestic demand for gold and a "huge amount of room" for the industry's development due to gold's safe-haven and wealth-preserving properties, it said.
"Still, domestic consumption is likely to exceed 1,000 tons by the end of 2015, "widening the fundamental market shortage," the ministry noted.
"China has tried to speed up industry consolidation, aiming to reduce the number of gold producers in the country to 600 companies by the end of 2015 from 700 in the 2006-2010 period, the ministry said. The amount of gold produced by the top 10 gold companies will rise to 260 tons by the end of 2015 from 100 tons in 2010, it said.
"By the end of 2015, China is likely to have gold reserves of 8,000-9,000 tons, an increase of 20% from 2010, it said, without specifying if these were state reserves. ..."