China's annual gold demand will crack the 1,000-ton mark by 2015 while the nation will be able to produce only 450 tons of the precious metal, according to a report released by the Ministry of Industry and Information Technology.

The report urges stepping up geological surveying and industry consolidation for the sound development of the gold industry, including acquiring overseas assets.

Between 4,000 and 5,000 tons of gold are expected to be unearthed during the five years through 2015, increasing China's recoverable gold reserves to 8,000 to 9,000 tons, which will be up 20% from the level recorded as of the end of 2010, the report says.

China's gold production is expected to grow 3% to 5% annually to 420 to 450 tons per year by the end of 2015. Aggregate output is expected to range from 1,900 tons to 2,100 tons between 2011 and 2015, which will be about 30% more from the previous five-year period, according to the report.

China produced 361 tons of the yellow metal in 2011, being the world's largest producer for the fifth straight year. It was also the world's largest gold jewelry processor responsible for 60% of global processing work.

China's gold production rose 11.3% year on year to 288 tons in the first three quarters of this year, during which industrial output from gold producers jumped 33.7% to ¥260 billion, earlier figures from the Ministry of Industry and Information Technology showed.

 

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