Mining companies are increasingly focusing on the gold industry, as they continue to invest billions of dollars in the region.
With gold prices at $1,250 per ounce and the Chinese government’s approval for the import of gold from 2019, mining companies are betting big on the booming gold market.
According to one report, about a fifth of mining companies in China are now focusing on gold mining.
They are now building mines at the same time as the government approves their plans.
China’s gold industry has been growing steadily, and is expected to reach about 8.8 billion tonnes by 2023, according to the Chinese Academy of Sciences (CAS).
The country is currently mining nearly 5.3 million tonnes of gold a year.
The Chinese government approved gold mining in 2018, but mining companies have to wait until 2021 to begin mining.
Currently, mining firms are operating at capacity.
This means that it takes about three months for them to process their ore, according the Global Gold Council.
In an effort to reduce the risk of a drop in prices, the Chinese central bank is now working to increase the number of gold mining rigs to 50 per cent of the country’s total, according Reuters.
China’s mining industry is currently facing an economic crisis.
China is not the only country that has been experiencing a boom in gold prices.
In November 2018, gold prices soared by more than 20 per cent from $1.2035 per ounce to $1