Tuesday, 28th August 2007 (2212 views)

Australian gold mining company Citigold is to start exporting gold to India, according to the latest reports.

Some 40,000 ounces of gold are expected to be exported to India over the next 12 months, Citigold reportedly told India's Economic Times.

Citigold's managing director also sees a bright future for gold production in India, providing the infrastructure is improved to support the industry.

"If the Indian gold industry is developed, in five years time the country could be a big gold producer," Mark Joseph Lynch told the newspaper.

Mr Lynch also suggested that while a big copper mine might account for ten per cent of the world's copper production, a similar size gold mine "doesn't produce even one per cent of the world's gold".

According to the report, Citigold is also looking for a venture partner in the area.

Citigold has invested some AUS$100 million (£40.9 million) in developing the Charters Towers goldfield in north-eastern Australia, which is the country's richest goldfield according to the firm's website.

 

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