Dec. 7, 2012 (China Knowledge) - Shandong Gold Group Co, the parent company of Shandong Gold Mining Co<600547
>, one of the largest gold producers in China, plans to raise its annual gold output capacity to 100 metric tons, said Wang Jianhua, chairman of Shandong Gold Group.
The figure accounted for nearly one-fourth of China's total gold output. In 2011, the country produced 361 metric tons of gold.
The company will set up a world-class gold production base in Jiaodong peninsula with annual gold output value of over RMB 100 billion or US$16.06 billion, Wang added.
In 2010, Shandong Gold Group produced 25 metric tons of gold, source reported.