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China buys 230 tons of Australian Gold in 2016

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BEIJING (Scrap Register): With China buying about 230 tons of Australian Gold during last year, which exceeded $11 billion on the Shanghai Gold Exchange, the Chinese gold demand is not letting up, as per the data by The Perth Mint.

“Today we are on track to achieve our goal of becoming the biggest source of imported gold in the Chinese market and that is great news for Australian gold producers and Australian mine workers.” David Woodford, Chief Operating Officer, the Perth Mint.

The growth in demand is undeniable, with Australian gold exports to China more than doubling from 2011 to last year, increasing from 110 tons to 232 tons. China’s demand keeps soaring despite already being the number one gold producer in the world, which seems still not enough to sustain the growing demand levels.

As per Woodward, in the past year, we refined more than 330 tons of gold and 540 tons of silver. We are focused on promoting the Australian gold industry to the world to build long term markets which will bring real benefits to Australian producers and workers for decades to come.

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