How China’s Gold Mining Industry is Shaping 2025: Key Trends and Global Role
China remains the world’s largest gold-mining country and a top buyer of physical gold. Output is broadly steady in 2025 while investment demand is strong and import flows are managed by the central bank via quotas.
China Gold Production Statistics and Growth Trends
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- China produced 377.24 t of gold in 2024 (+0.56% y/y); including metal refined from imported materials, total output reached 534.106 t (+2.85%), according to Xinhua News.
- In H1 2025, total production was 252.761 t (+0.44% y/y), with domestic mine output slightly down and output from imported materials up.
China’s Role in the Global Gold Supply Chain
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- China is the largest mine producer globally and a major refiner; several Chinese refineries are accredited on the LBMA Good Delivery list.
- It is also a leading physical gold consumer and a large importer, with bullion inflows governed by PBoC import quotas that authorities adjust (e.g., pauses/resets in 2024 and changes in 2025).
- In 2025 the central bank continued adding to official reserves, while H1 imports were weak before seasonal and policy-driven improvements later in the year.
Where are China’s Major Gold Mining Regions in 2025
China’s gold output clusters in a few belts. The biggest producers are Shandong, Henan, and parts of Inner Mongolia.
Shandong
Shandong is China’s top gold province, centered on the Jiaodong Peninsula. Flagship mines like Sanshandao, Xincheng, and Jiaojia together produced over 21 tonnes in 2022, showing the area’s scale. Geologists class Jiaodong as a world-class orogenic gold cluster with continued deep potential.
Henan
Henan has ranked No. 2 by refined gold output; in 2023 it produced about 87.28 tonnes, according to the China Gold Yearbook 2024. Mining is concentrated around Lingbao and the Xiaoqinling belt, with local major Lingbao Gold active there. Sanmenxia also hosts Zhongyuan Gold Smelter, one of China’s largest gold refiners.
Inner Mongolia
Inner Mongolia hosts large open-pit, heap-leach operations such as the CSH (Chang Shan Hao) mine, about 210 km northwest of Baotou. CSH produced 4.6 tonnes in 2022, and the region ranks among China’s top gold-producing areas.
Inner Mongolia, one of China’s largest gold-producing regions, actively promotes its mining sector at trade fairs and industry events.
Top China Gold Mining Companies in 2025
China’s gold sector is led by a few giants with global footprints. Below are three companies Australian gold firms should know in 2025.
China National Gold Group
China National Gold Group is the only central state-owned enterprise in China’s gold industry, overseen by SASAC. Through its listed arm, China Gold International, it operates the CSH open-pit gold mine in Inner Mongolia and the Jiama copper-gold mine in Tibet.
Zijin Mining Group
Zijin is China’s largest gold miner and a fast-growing global producer. It produced about 73 tonnes of mined gold in 2024 and owns major gold assets such as the Buriticá mine in Colombia and Norton Gold Fields in Australia. The company is also expanding via streaming deals to secure future supply.
Shandong Gold Mining
Shandong Gold is a leading state-owned producer with global operations. It co-owns the Veladero mine in Argentina in a 50/50 joint venture with Barrick and controls the Cardinal Namdini mine in Ghana, which poured first gold in November 2024 and targets ~350,000 oz per year. Barrick and Shandong plan a further US$400 million investment to expand Veladero.
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What Drives China’s Gold Market Dynamics and Pricing in 2025
China’s gold market in 2025 is shaped by very high local prices, softer jewellery buying, and steady investment demand. RMB pricing and central-bank actions add local twists to global trends.
Customers at a China Gold store highlight the steady rise in domestic gold consumption, even amid higher prices.
Domestic Demand and Consumption Patterns
China’s total gold consumption fell 5.96% year-on-year in Q1 2025 as high prices cut jewellery purchases. Bar and coin buying stayed strong, with China recording its second-highest quarter of retail investment in Q1 2025. Younger shoppers still buy “heritage” and hard-pure gold designs, and spending in RMB terms has risen even while tonnage declines.
Shoppers at a China Gold store reflect strong retail investment demand in 2025, even as jewellery consumption adjusts to higher prices.
Gold Pricing Trends in China
China sets a RMB-denominated Shanghai Gold Benchmark Price via an SGE auction process. Local prices hit record levels in April 2025, and the Shanghai–London spread has swung between discounts and premiums as import quotas and demand shift. The World Gold Council notes that RMB moves and local supply-demand often make China’s gold price diverge from the USD-based global price.
Impact of Global Economic Factors on China’s Gold Market
Globally, gold set new records in 2025, lifted by geopolitics, U.S. policy risks, dollar swings and strong ETF inflows. The World Gold Council highlights that Central-bank buying remains a key support; the PBoC has added to reserves for nine straight months through July 2025. These forces help keep Chinese retail investment firm even as high prices weigh on jewellery demand.
Chinese customs inspections play a critical role in regulating gold imports and exports, with rules on tariffs, quotas, and licensing shaping how international trade flows.
China Gold Trade Regulations 2025: What ASX Companies Need to Know
China tightly controls cross-border gold. Imports are limited to licensed entities and quotas, with customs clearance tied to a People’s Bank of China (PBoC) permit and, often, delivery via the Shanghai Gold Exchange (SGE).
Import and Export Rules for Gold in China
Gold import and export are governed by joint PBoC–Customs “Measures,” and only approved banks and qualified firms may move gold across the border with a PBoC license. Standard bullion typically clears into SGE/SGEI-certified vaults under those rules.
Tariffs, Quotas, and Customs Procedures
Unwrought gold (HS 7108) has 0% duty, and “standard gold” traded through the SGE is VAT-exempt, while other imports may face VAT. The PBoC grants import quotas, and a 2024 proposal could add 1% duty and 13% VAT on some gold concentrates.
Licensing Requirements For Gold Trade in China
Importers and exporters must obtain the Import and Export License of the People’s Bank of China for Gold and Gold Products, which must be shown to China Customs for clearance. Licenses are typically issued to commercial banks and approved gold enterprises under the PBoC/Customs “Measures.”
Uncertain about steel imports? Read: Can I Import High‑Quality Steel from China? for a clear 10‑step plan to reduce risk.
Opportunities and Challenges for Australian Gold Mining Companies in China
Strong 2025 gold prices and record official-sector buying continue to drive demand in China. This provides attractive pricing for reliable suppliers, but exposure to shifting policy, ESG rules, and geopolitics remains significant.
The Shanghai Gold Exchange benchmark highlights China’s growing role in global gold pricing and opportunities for Australian miners.
Competitive Advantages of Australian Gold Miners
Australia is the world’s third-largest gold producer, with large reserves and trusted JORC-compliant reporting—qualities Chinese refiners and banks value for long-term offtake. Proximity to Asia, steady output, and strong ESG credentials make Australian miners well-suited to China’s wholesale market via the Shanghai Gold Exchange (SGE).
Demand Gaps and Niche Opportunities in China Gold Market
While China’s jewellery demand softened in 2024–H1 2025, investment demand surged, with ETFs posting record inflows in April 2025. ASX miners can time sales to quota windows and supply doré meeting SGE standards for investment bars. Growing Chinese interest in low-carbon, responsibly sourced gold also opens a niche for Australian producers with strong ESG practices.
Regulatory, ESG and Geopolitical Risks in 2025
Gold imports remain under People’s Bank of China (PBoC) quotas, which can be tightened or paused, influencing timing and premiums. Deals must also pass Australia’s FIRB screening, and bilateral relations—though improving—remain sensitive to U.S.–China tensions and regional security issues. In addition, China’s carbon-neutrality targets are raising ESG compliance standards, requiring exporters to adapt.
For insights into ore processing, check out The Best of Grinding Media Forged Steel Balls, showing how material choices can improve mining efficiency.
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Australia–China collaboration in gold mining is built on strong joint ventures, with successful partnerships driving growth and knowledge-sharing across both markets.
Australia–China Gold Partnership: Case Studies and Lessons
These real cases show how Australian and Chinese firms have worked together in gold mining. They highlight wins and practical lessons for companies in 2025.
Successful Partnerships and Outcomes
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- Zijin Mining’s 2012 purchase of Norton Gold Fields kept the Paddington mine operating in Western Australia, with a long-term commitment to production and jobs.
- At Southern Cross (Marvel Loch), Hanking’s 2013 acquisition restarted production in late 2015; the mine later moved to Barto/Minjar ownership and management.
Lessons Learned from Joint Ventures
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- Local partnerships succeed with early community engagement and environmental planning, as shown at Sino Gold’s Jinfeng joint venture in Guizhou.
- Deals can shift with policy and market changes: Shandong Yulong agreed to buy Barto in 2021 but withdrew months later due to macro conditions.
ASX Gold Companies to Watch
ASX Gold Producers (in Production)
Northern Star Resources (ASX: NST)
The Super Pit in Kalgoorlie, one of Australia’s largest open-pit gold mines operated by Northern Star Resources
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- One of Australia’s largest gold producers, operating iconic mines like the Super Pit in Kalgoorlie and the Hemi prospect after acquiring De Grey Mining.
- Key to watch because of its strategic expansion and potential to become a top-10 global gold producer—critical for understanding production dynamics that ASX gold producers face in the China market.
Newmont (ASX: NEM)
A Caterpillar electric haul truck in operation at Newmont’s Boddington Gold Mine, one of Australia’s largest gold producers.
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- A global gold giant with major Australian operations at Boddington, Cadia, and Tanami, producing over 1.46 million ounces in 2024.
- Important to watch because its market-leading scale and China-facing strategies set a benchmark for how Australian gold mining companies can operate effectively in international partnerships.
Evolution Mining (ASX: EVN)
An Evolution Mining employee at the Cowal Gold Mine in New South Wales, with a Caterpillar haul truck in the background.
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- A major mid-tier producer, with diversified operations across Australia and Canada. Their Cowal mine expansion into 2042 underscores long-term strategy.
- Worth watching due to its resilient, low-cost structure and long mine life—offering a model for sustainability and competitive edge in global gold markets.
ASX Gold Explorers (Early-Stage Companies)
De Grey Mining (ASX: DEG)
Processing facilities at De Grey Mining’s Hemi gold project in the Pilbara, a major new discovery driving future Australian gold output.
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- A rapidly advancing explorer now folded into Northern Star via acquisition, but notable for its Hemi project in the Pilbara region expected to yield significant annual output.
- Watching DEG provides insight into up-and-coming resource development—especially useful for Australian gold companies assessing how early-stage opportunities transition toward production.
Xanadu Mines (ASX: XAM)
Mining operations at Xanadu Mines’ Kharmagtai copper-gold project in Mongolia, developed in partnership with China’s Zijin Mining.
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- An Australian-listed copper-gold explorer operating in Mongolia, with a standout partnership with China’s Zijin Mining for the Kharmagtai project.
- It exemplifies cross-border collaboration with Chinese gold interests—directly relevant for ASX companies evaluating strategic international alliances.
Forrestania Resources (ASX: FRS)
Open-pit exploration site linked to Forrestania Resources, showcasing the scale of early-stage gold projects like Bonnie Vale.
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- A small-cap explorer seeing strong initial drilling success at sites like Bonnie Vale, with high-grade gold results aiding its upside potential.
- Important to watch because it embodies the grassroots exploration narrative—highlighting how small ASX companies can surface valuable gold projects with broader market interest.
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Key Australia–China Industry News ASX Gold Companies Must Watch in 2025
The 8th Australia–China CEO Roundtable Meeting in Beijing (July 2025), where leaders discussed new opportunities in mining, green steel, and electrification — key areas of interest for ASX gold companies looking to expand in China.
In 2025, Australia–China ties are shaping the future of mining and resources, with developments spanning trade, green steel, and electrification. From new economic opportunities at high-level forums to joint pushes for low-carbon steel and clean energy technologies, ASX-listed gold companies must stay alert to these shifts that could redefine competitiveness and growth.
How ASX Gold Companies Can Succeed in Doing Business with China
Zoomlion’s ZTE520B, the world’s largest electric mining truck, showcased at a Chinese trade fair. Such events allow ASX gold companies to explore partnerships with major Chinese equipment manufacturers and negotiate business opportunities directly.
Doing business with China offers ASX gold companies unmatched opportunities—but it also requires careful preparation and risk management. From leveraging China’s role as a crucial sourcing partner to following best practices, avoiding scams, and verifying suppliers, success comes down to informed, strategic engagement.
Key Insights for ASX Gold Companies: Emissions, Trade Rules, and Quality Risks in China 2025
In 2025, Australian gold companies operating in China face a mix of sustainability demands, evolving trade rules, and product quality challenges. From leveraging China’s carbon capture technology to navigating Incoterms and managing procurement risks, ASX-listed miners must stay agile to compete. These insights highlight where opportunities and pitfalls lie in the year ahead.
Where ASX Gold Companies Gain an Edge: Top Mining Conferences, Chinese Companies, and Equipment to Watch in 2025
In 2025, ASX gold companies can sharpen their edge by tracking where industry trends are set, who dominates China’s mining landscape, and which equipment makers are reshaping global supply chains. From must-attend conferences to top Chinese miners and manufacturers, staying informed ensures smarter sourcing, stronger partnerships, and long-term competitiveness.
XCMG, one of China’s leading mining equipment manufacturers, exhibits large-scale excavators and haul trucks that support global gold mining operations.
Key Chinese Mining Giants in Gold Sector Every ASX Gold Company Should Know in 2025
China’s mining giants play a pivotal role in shaping global gold and metals supply—and for ASX gold companies, knowing the key players is essential. From Zijin Mining’s global leadership in gold and copper, to China Minmetals’ vast multi-metal operations, to Jinchuan Group’s dominance in nickel and cobalt, these state-backed giants influence pricing, partnerships, and procurement strategies in 2025.
Proven Gold Mining Success Stories: From Crushing Efficiency to Cyanide-Free Processing
Gold mining success often comes from innovation—whether it’s boosting crushing efficiency to meet tough production targets or adopting safer, cyanide-free processing to cut costs and protect communities. These case studies show how forward-thinking solutions can transform challenges into sustainable, profitable outcomes for gold companies in 2025.
Exporting Australian Gold to China: What ASX Gold Companies Need to Know
Shanghai Port, one of China’s busiest hubs, handles vast volumes of global mineral and commodity imports. It is also a key entry point for gold-related exports, alongside Australian shipments of marble, copper, and manganese.
Exporting gold and other minerals from Australia to China requires more than resources—it takes strategy, trust, and the right partners. From Namibia’s marble exporters to Tanzania’s copper suppliers and Kenya’s manganese miners, CAMAL’s case studies reveal how companies can navigate regulations, secure reliable buyers, and build lasting success in China’s vast import market.
Top Mining Conferences and Trade Fairs ASX Gold Companies Should Watch in 2025
In 2025, mining conferences are more than networking—they’re where strategy, technology, and global supply chains converge. For ASX gold companies, events like CHINA MINING, IMARC, and Diggers & Dealers provide essential insights into innovation, sustainability, and partnership opportunities that can shape competitiveness in a fast-changing market.
Watch CAMAL at Bauma China 2024, where cutting-edge mining equipment and innovations were showcased
Key Questions ASX Gold Executives Are Asking in 2025
Is China still the world’s largest gold producer, and what does that mean for Australian exporters?
Large-scale open-pit mines like this illustrate why China remains the world’s leading gold producer in 2025.
Yes—China remains the world’s largest gold miner, producing around 380 tonnes in 2024, or roughly 10–12 percent of global production. For Australian exporters, this means strong ongoing demand—but also intense competition—so Australian firms must offer differentiated value (like higher purity, reliable logistics, or strong ESG practices) to stand out.
Where are China’s gold mines located, and which regions are open to foreign collaboration?
Most of China’s gold mines are in Shandong, Henan, Fujian, Liaoning, and newer projects are in Guizhou, Yunnan, Tibet, and Inner Mongolia. While most mines are domestically controlled, a few—like the Jinfeng Gold Mine in Guizhou, originally developed by the foreign company Sino Gold—demonstrate that international collaboration is possible under specific licensing and investor-friendly conditions. According to Mining Weekly, Chinese state-owned mining groups remain cautious but are receptive to partnerships that bring advanced technology, capital, or ESG credentials—especially in regions where reserves are deepening or lower-grade ore requires modernization.
Why is China expanding gold mining, and how should ASX companies position themselves?
China’s gold output is driven by massive industrial operations, with companies like XCMG providing the heavy machinery that powers large-scale mining.
China is expanding gold mining to secure its reserves and reduce reliance on imports as global markets stay uncertain. Mining Weekly reports that Chinese companies are seeking partners with advanced mining technology and ESG standards. ASX gold firms can position themselves by highlighting reliable supply, efficiency, and sustainability to meet China’s demand.
How much gold does China hold in reserves, and how does this affect import opportunities?
China has been rapidly increasing its gold reserves, building one of the world’s largest stockpiles as a hedge against economic uncertainty.
As of mid-2025, China’s official gold reserves are about 2,300 tonnes, according to the World Gold Council. Despite this large stockpile, China’s gold demand still exceeds domestic supply, meaning imports remain important. For ASX companies, this creates a clear opening to supply high-quality gold into the Chinese market.
Why is China increasing gold purchases in 2025, and how can Australian miners benefit?
China is buying more gold in 2025 to diversify its reserves and reduce reliance on the U.S. dollar, as confirmed by the Financial Times and World Gold Council. This strong demand creates room for Australian miners to supply trusted, high-quality gold. By emphasizing transparency and ESG standards, ASX companies can become preferred partners in China’s expanding market.
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Is gold pricing in China cheaper, and what are the implications for ASX companies?
Gold in China usually trades close to international prices, but local premiums can appear because of strong demand and import controls, according to Reuters. This means ASX companies should not expect to sell at lower prices, but they can benefit from the consistent premium Chinese buyers often pay for secure and high-quality supply.
Can foreign companies sell gold directly into China, and what licensing is required?
Foreign companies cannot freely sell gold directly into China, as all imports are tightly controlled by the People’s Bank of China (PBoC). According to the World Gold Council, only banks and refiners with an official PBoC import license can bring gold into the country. For ASX companies, this means partnering with licensed Chinese entities is essential to access the market.
CAMAL Experience: Partner with CAMAL Group to Strengthen Your China Gold Strategy
Group team sharing a meal with partners in China, reflecting trusted relationships and cross-border collaboration in the gold supply chain.
With more than a decade of cross-border mining support, CAMAL Group has helped companies across Africa, Asia, and Oceania succeed in China’s complex market. We provide ASX gold companies with the expertise to source reliable equipment, navigate regulatory requirements, and build resilient partnerships with Chinese stakeholders.
For Australian miners, CAMAL is not just a procurement agent — we are a long-term strategic partner who understands the challenges of gold exploration, refining, and trade in China’s fast-evolving market.
Our expertise:
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- Supplier verification & compliance checks – We audit Chinese equipment manufacturers to ensure capacity, regulatory approval, and safety standards that meet ASX-level due diligence.
For practical tips on reducing sourcing risks, see 5 Must‑Follow Guidelines when Sourcing from China – Can’t Miss #3.
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- Technical equipment sourcing – From gold-processing plants to heavy-duty excavators and haul trucks, CAMAL connects Australian miners with cost-effective, high-performance Chinese solutions.
- Cross-cultural negotiation & translation – Our bilingual experts bridge technical and contractual gaps, enabling smooth partnerships and joint venture discussions with Chinese firms.
- Logistics & delivery assurance – We manage inspections, customs clearance, and shipping timelines to align with project milestones and quota windows for gold trade.
- Technical equipment sourcing – From gold-processing plants to heavy-duty excavators and haul trucks, CAMAL connects Australian miners with cost-effective, high-performance Chinese solutions.
Conclusion
China will remain central to the global gold industry in 2025, shaping supply, demand, and regulation. For Australian gold companies, success depends on timing, compliance, and strategic partnerships.
Leverage Australia’s Strengths
Australia’s scale, reliability, and JORC standards make its gold highly attractive to Chinese buyers seeking quality supply.
Navigate China’s Regulatory Environment:
Success requires understanding PBoC quotas, customs rules, and shifting policies that influence imports and pricing.
Build Long-term Partnerships
Joint ventures, sourcing deals, and collaborations with Chinese firms create resilience against market swings and open new growth channels.
Whether you are exporting Australian gold, sourcing Chinese mining equipment, or exploring cross-border partnerships, understanding China’s gold strategy is essential. Contact CAMAL Group to navigate this market with expert guidance and practical solutions designed for ASX gold companies.
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