China Shandong Gold Sees 2010 Output up 18%

BEIJING, Dec. 3 -- Shandong Gold Group said its mined gold output in 2010 was likely to grow 18 percent year-on-year to 25 tons, Bloomberg reported, citing a senior executive.

The production growth is likely to accelerate in coming years, Wang Jianhua, the company chairman, told reporters on the sidelines of a conference.

The parent of Shanghai-listed Shandong Gold reported 17.7 tons of mined gold production in 2009.

Wang said in the five-year period ending this year, the group found 800 tons of gold resources through exploration, with a total investment of 1.15 billion yuan ($172,592,000).

China's top producer Zijin Mining produced 30.65 tons of mined gold in 2009, and expects to produce 30 tons of gold this year, according to Bloomberg.