China to get rid of small gold mining companies

China’s Ministry of Industry and Information Technology (MIIT) is drafting new standards for the gold industry which will raise the entry barriers, and companies with daily gold processing capacity of less than 50 tons will have to exit the industry, the Shanghai Securities News said on Tuesday.

Local governments, Reuters reports, have already received the order to shut small gold miners down. The industry ministry is planning to go further, by closing mines with a daily gold processing capacity of below 100 tonnes and halting approvals for small ore processing companies.

In addition, large gold miners will be encouraged to expand overseas in order to increase resource supplies.

China, the world’s largest bullion producer, currently has no limits on gold production and production is determined by the gold producers, adds the report.

Looks like China is not mess`in around, If they are doing this with gold, why would they not want to do this with silver, and copper. I know they found a huge moly mine in CHina, but heywhen you looking to Canada with oil, nat gas, copper mining DISTRIC. Why wouldn`t you raise an eye brow and have a look at Copper Fox