Gold producers in the Chinese mainland reported a growth of more than one-third in profits in the first three quarters of this year, as a result of robust output and bullish prices of the precious metal, according to an industry organization. Profits of around 300 gold producers under statistics of the China Gold Association totalled 2.03 billion yuan (US$245.17 million) during the period, jumping by 35.3 per cent from a year earlier.
Their output value grew by 14.18 per cent year-on-year to 22.81 billion yuan (US$2.75 billion) during the period.
Gold output amounted to 148.66 tons from January to September this year, an increase of 9.74 tons, or 7.01 per cent, from the same period last year, statistics showed.
Output in September alone stood at 18.89 tons, up from 18.47 tons in August.
This is the third consecutive month-to-month increase since July.
"Domestic manufacturers have been speeding up gold production to earn more profits, driven by high gold prices," said Lu Wenyuan, secretary general of the gold association.
Lu predicted total gold output in the mainland would reach a record high of 210 tons this year, up from 200.598 tons last year.