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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (26383)	1/17/1999 10:03:00 PM
From: Alex	Respond to of 116915

1/16/99 - China to Promote Gold Sector <Picture> BEIJING (Jan. 17) XINHUA - China has set ambitious production and profit targets for the gold industry this year: 175 tons and 1.2 billion yuan (140 million U.S. dollars), though it is facing significant problems in the industry both at home and abroad. The fall of the gold purchasing price last year in China resulted in a decrease of 1 billion yuan in the industry"s profits. And a quarter of the country"s gold enterprises had carried deficits by the end of last year. Experts say domestic gold production this year still faces great challenges, including low purchasing price, increasing production costs, and dwindling gold reserves. Wang Dexue, director of the State Gold Bureau, said 1999 is a key year for the gold industry to cast off deficits. And domestic gold enterprises need to restructure themselves to improve their management systems. Gold mines without viable resources will be closed down. Profit-making gold enterprises will be required to share technologies and capital with loss makers until the latter turn their situation around. One of the most important tasks this year is to restructure small-scale enterprises and unite them into large groups to increase their competitiveness, since the most serious problem in the industry is the lack of efficient economies of scale. Wang said that their bureau is to take over the administration of all the enterprises in the industry. And those old enterprises with good prospects will be encouraged to speed up technical innovation and expand operations to make full use of available equipment, facilities and staff to increase their production capacity. Deficient resources are a bottleneck preventing further development of the industry. To solve the problem, enterprises need to increase investment in prospecting. Enditem 17/01/99 02:43 GMT