China becomes the third biggest consumer of gold -
The total sales of gold and jewelry last year in China
were valued over 140 billion Yuan, exports were valued
at US$5.49 billion, and China has become the third
biggest consumer of gold in the world, according to
Cheng Fuming, the head of China Gold Association.
China's gold production has grown from 181 tons in 2001
to 240 tons in 2006, an average annual growth of 5.6%.
In 2006, the gold industry pocketed a total profit
of 6.1 billion Yuan.
english.people.com.cn
Northgate first quarter gold production on plan;
Kemess South mine-life extended by one year -
Northgate Minerals Corporation today reported cash flow
from operations of $19,241,000 or $0.08 per diluted
common share and net earnings of $9,406,000 or $0.04 per
diluted common share for the first quarter of 2007.
Production of 68,110 ounces of gold and 17.7 million pounds
of copper at net cash cost of gold production of $28 per
ounce.
The addition of 175,000 ounces of gold to reserves at
Kemess South, extending the mine-life by one year until
the fourth quarter of 2010.
During the quarter, Northgate opportunistically repurchased
30,000 ounces of its gold forward sales position at
$612 per ounce reducing its remaining position to
only 30,000 ounces.
Continuing positive drill results at Young-Davidson
combined with significant progress on the exploration ramp
and shaft dewatering.
The Kemess South mine was the safest metal mine in
British Columbia during the first quarter of 2007.
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