biggest producer of gold in the world??

Who is the biggest producer of gold in the world? Pat comes the answer always – “Africa”! Now that has been taught to us since times immemorable! But apparently, history has changed now. Usurping the position held by South Africa since the past 100 years, China has now emerged as the world’s biggest producer of gold in 2007.

Despite the prices of gold touching sky high, the production of the precious dipped, adding to the price rise further. Global mine production fell by a slight 0.4 percent in 2007 to an eleven year low. Africa saw the heaviest regional drop at 29 tonnes, mainly on account of South Africa, it produced just 296 tons of gold last year, down from 1,000 tons in 1970.. Even in North America and Latin America, there was a fall in output.

On the other hand, China surprised the world with a production in 2007 by 12% over 2006, producing 9.7 million ounces or 276 metric tons. But gold production in China is actually down from the 2005 figures; it's just that South Africa, the old No.1 producer, has seen its production fall even faster.

South Africa is now number two, USA is at third position, Australia at fourth and Indonesia at 5th. India figures out nowhere in the list of top gold producers in the world though it continues to remain the number one consumer of gold in the world! Such are the ironies of life!

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