Dec. 2, 2010 (China Knowledge) - China National Gold Group Corp, one of the country's largest gold producers, will step up efforts to expand overseas markets to meet rising demand for gold, sources reported.

The company said that it will increase its annual gold output to 50 metric tons in five years, of which 30% to 40% will be produced overseas.

Vice President Du Haiqing said that China National Gold has no overseas output so far though it produced 10% of China's gold.

Du said that the Chinese company is looking for gold resources in Congo, Brazil, Russia, Venezuela and Mongolia, and most of them are in the early stages of geological exploration.

Other major players in China's gold industry, including Shandong Gold Group and Zhaojin Mining Industry Co Ltd<1818>, are also active in boosting their overseas gold output.

China's gold consumption is expected to reach 430 metric tons this year, 4% more than in the previous year, said Sun Zhaoxue, general manager of China National Gold Group, China Knowledge reported earlier