China, poised to overtake the US as the second-biggest gold producer this year, could deplete its bullion mines in six years and companies should speed up overseas investments, Zijin Mining Group Co said.

 

The Asian nation produces more than 200 tons of the precious metal a year from its mines, and could run out of ore without new discoveries, Ren Guangzhi, general manager of investment at Zijin, owner of China's largest gold mine, said in Shanghai yesterday.

 

Bloomberg News reported rising economic growth in China has led to surging demand for jewelry and spurred higher production from Zijin Mining and Zhongjin Gold Corp.

 

(Shanghai Daily December 7, 2007)