Commodity Online releases report on Chinese gold

Commodity Online has published a report on the gold mining situation in China.

According to the website, China is set to become the largest gold producing country in the world, eventually pushing South Africa into second place.

In particular, Commodity Online studied the Xinjiang area of China was reportedly has an estimated gold resources of 207.48 tonnes and it estimated to produce a further 100 tonnes within the next couple of years.

Xinjiang is made up of three vast mountains named Kunlun, Tianshan and Altay and two basins called Tarim and Jungarr.

That there are 72 ditches in the mountain and a popular saying attached to the Atlay mountain is that each is filled with gold and jewels.

Of the 171 known ores in China, 138 are found in the district.

Since ancient times has Xinjiang been known for its supply of gold and is called the Home of Gems and Jade.

In other news, a minor earthquake hit the Sichuan province of China on Friday, measuring 6.1 on the Richter Scale.