Ore Geology Reviews 65 (2015) 718–727

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Ore Geology Reviews

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The history and economics of gold mining in China

Rui Zhang, Huayan Pian ⁎, M. Santosh, Shouting Zhang

School of Earth Sciences and Resources, China University of Geosciences Beijing, 29 Xueyuan Road, Beijing 100083, China article info abstract

Article history: As the largest producer of gold in the world, China's gold reserves are spread across a number of orogenic belts Received 23 January 2014 that were constructed around ancient craton margins during various subduction–collision cycles, as well as with- Received in revised form 4 March 2014 in the cratonic interior along reactivated paleo-sutures. Among the major gold deposits in China is the unique Accepted 5 March 2014 class of world's richest gold mines in the Jiaodong Peninsula in the eastern part of the North China Craton with Available online 20 March 2014 an overall endowment of N3000 tons. Following the dawn of metal in the third millennium BC in western Keywords: China, placer gold mining was soon in practice, particularly during the Xia, Shang and Zhou dynasties. During Gold deposits 1096 AD, mining techniques were developed to dig underground tunnels and the earliest mineral processing Geology technology was in place to pan gold from crushed rock ores. However, ancient China did not witness any History major breakthrough in gold exploitation and production, and the growth in the gold ownership was partly due Economics to the ‘Silk Road’ that enabled the sale of silk products and exquisite artifacts to the west in exchange of gold prod- China ucts. In the modern times, the proven reserves of gold resources in China have steadily increased from 4614.7 tons in 2005 up to 6864.79 tons in 2010, with a growth rate of 48.76%. In the past ten years, the rate of production increased by 70%, launching China as the top producer of gold in the world in 2008 when the produc- tion reached 300 tons per year. The gross industrial output of gold industry in China increased sharply from 20.82 billion Yuan up to 229.29 billion Yuan between 2000 and 2010, registering 9 times growth, and breaking the world record. A simultaneous hike in the proportion of gross value in GDP from 0.21% in 2003 up to 0.58% in 2010 is also recorded. © 2014 Elsevier B.V. All rights reserved.

1. Introduction the economic aspects of gold production in China in relation to those in the rest of the world. China currently ranks as the largest producer of gold in the world. The country's gold reserves are associated with a number of major 2. Geological background of gold deposits in China tectonic belts that traverse the junctions of ancient microblocks or were built along the craton margins during subduction–collision tecton- The gold deposits in China and surrounding regions are distributed ics (Goldfarb and Santosh, 2014; Zhai and Santosh, 2013). Some gold along several major belts including craton margins, intracratonic deposits also occur within the interior of the cratonic block along sutures and continental collision zones. In a recent overview, Goldfarb reactivated paleo-sutures (Li and Santosh, 2014). The gold deposits et al. (2014) presented the salient characteristics, ages and tectonic range in size from small (5–20 tons Au), medium (20–50 tons Au), affinities of the major gold fields in East Asia, and the summary below and large (50–100 tons Au) to super-large (N100 tons Au). Among the on the gold deposits in China is largely based on this work. various gold belts, those in the Jiaodong Peninsula in eastern China, de- The Qilian and West Qinling orogenic belts in the southwestern fine the country's largest gold province with an overall endowment es- margin of the North China Craton carry significant gold resources, timated as N3000 tons Au (Goldfarb and Santosh, 2014, and references classified as orogenic gold deposits (Goldfarb et al., 2014). Those in therein). the Qilian belt include the deposits hosted in Ordovician arc volcanic Despite the leadership that China enjoys in world gold production, rocks of the North Qilian terrane and the Tanjianshan deposit occurring very little published information exists in international scientific within Mesoproterozoic phyllite and felsic to intermediate igneous literature related to the history and economics of gold mining in this rocks of the North Qaidam block. The reported ages of the gold mineral- country. In this paper, we attempt to trace the gold deposits and records ization range between 214 and 285 Ma (Mao et al., 2000; Zhang et al., of gold mining in ancient China from historical reviews and publications 2009). In West Qinling, both orogenic and Carlin-type gold deposits in Chinese literature. We also synthesize the updated information on have been reported (Mao et al., 2000) and the ore formation dated at ca. 216 Ma is correlated to a transtensional event (Zeng et al., 2012). ⁎ Corresponding author. Goldfarb et al. (2014) considered the Late Triassic as an important E-mail address: [email protected] (H. Pian). phase of gold formation associated with the waning phases of NE–SW

http://dx.doi.org/10.1016/j.oregeorev.2014.03.004 0169-1368/© 2014 Elsevier B.V. All rights reserved. R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727 719 directed compression resulting from the collision of the North and 2003), the gold deposits of Jiaodong in the eastern part of the NCC South China blocks. The Xiaoqinling region in the south-western margin constitute one of the richest gold reserves in the world, and also define of the NCC has been well known for large scale mining for gold since the a unique class of gold mineralization (Goldfarb and Santosh, 2014; Yang Ming Dynasty (AD 1368–1644). According to Li and Santosh (2014), and Santosh, 2014; Yang et al., 2013). Ranging in age from 126 to more than 1200 auriferous quartz veins have been explored in this 120 Ma, they constitute one of the major ore fields for gold in East region, among which about 400 tons of gold reserve has been proved Asia (Goldfarb et al., 2014), and the largest gold province in China and more than 10 large and super-large gold deposits are exploited. A with an overall endowment estimated as N3000 tons Au, accounting number of large crypto-explosive-breccia type gold deposits occur in for more than 25% of China's gold reserves (Guo et al., 2013). The gold the Xiong'ershan region in eastern Qinling within the southern margin mineralization in Jiaodong has been classified into the Linglong-type of the NCC (Chen et al., 2008). In the northern margin of the NCC, that occurs as extensional massive gold–quartz–pyrite veins, and some large and super-large gold deposits occur in the Jibei region. Jiaojia-type forming disseminated veinlets and wallrock disseminations In the Yangtze Block of South China, gold reserves are associated (Goldfarb and Santosh, 2014; Li and Santosh, 2014; Qiu et al., 2002). with the Jiangnan Orogen, a Neoproterozoic suture that resulted from Both types of ores are principally hosted by NE- to NNE-trending brittle the collision between the Yangtze and Cathaysia Blocks. Gold deposits normal faults that parallel the margins of the Jurassic and Cretaceous in the Jiangnan Orogen occur along the inboard side of the orogen and granitoids, with the larger orebodies associated with dilational jogs continue into adjacent parts of the Paleozoic foreland basin (Goldfarb (Goldfarb and Santosh, 2014). Although the tectonic setting and ore et al., 2014). The available ages show a broad range from 514 to genesis of the Jiaodong gold deposits have remained equivocal, it has 370 Ma (Lu et al., 2005). The Jinshan gold deposit, the largest one in been recently recognized that they constitute a unique class of gold de- the area, occurs in the eastern part of the Jiangnan Orogen. Although posits associated with intraplate processes (Li and Santosh, 2014; Zhai debates surround the timing of gold formation in the Jiangnan Orogen, and Santosh, 2013; Zhai et al., 2004a,b,c). with ages ranging from Neoproterozoic to Jurassic, most workers Several gold-bearing skarn, porphyry and magmatic vein deposits correlate the metallogeny to the Caledonian event (Goldfarb et al., 2014). with ages ranging from 151 to 135 Ma occur in the Lower to Middle The Middle to Late Paleozoic units in the Central Asian Orogenic Belt Yangtze River province in South China (e.g., Mao et al., 2011; Pang are important hosts for gold. In the Northern Tien Shan region, several et al., 2013). The dominant deposits are Cu–Mo–Au-bearing porphyry subduction and arc-related auriferous porphyry magmatic systems deposits with bulk of the gold occurring within garnet- and pyroxene- have been recognized (e.g., Seltmann and Porter, 2005; Shen et al., rich copper skarns that developed in carbonate rocks (Goldfarb et al., 2012). In the eastern part of Northern Tien Shan, in the western domain 2014). Important gold resources also occur in the South China Fold of Beishan suture (Xiao et al., 2010), more than 100 small gold deposits Belt representing a classic late Mesozoic basin and range region (e.g., and prospects have been identified proximal to the east–west thrust Pirajno and Bagas, 2002). Similar to the Yangtze River province, the faults and strike-slip faults. Their ages range between 300 and 230 Ma tectonics in this region is associated with the change from north– and broadly overlap with the Permian–Early Triassic accretionary south convergence between the North and South China blocks in the deformation (Goldfarb et al., 2014). Triassic to a NW–SE Pacific plate subduction below the South China Gold deposits in the Cathaysialand region are mainly associated with block in the Jurassic (Goldfarb et al., 2014). Some of the gold deposits subduction-related magmatism during the late Paleozoic closure of in this belt are argued to be part of the early Paleozoic Jiangnan gold ocean basins between South China and Indochina–East Malaya belt (Goldfarb et al., 2014). (Goldfarb et al., 2014; Metcalfe, 2011). Few hundreds of gold deposits The Mesozoic and Cenozoic deformation belt in the Tibetan–Himala- occur in the large Permo-Triassic Youjiang Basin that represents a yan orogen marking the closure of the Tethys oceans associated with foreland basin of the accretionary margin of Cathaysialand. the collision between the Indian and Asian continents is also an important The Mesozoic gold deposits in the Central Asian Orogenic Belt gold-bearing province. Numerous orogenic gold and gold-bearing include those contributing to the placer gold accumulations in northeast porphyry provinces have been identified within the Himalayan orogen, China (Goldfarb et al., 2014), such as the 500 km long ductile shear-zone including the Ailaoshan gold belt (Hou and Cook, 2009). The Miocene hosted belt along the Erguna River along the Russia–China border (Wu (18–13 Ma) Gangdese Cu–Au porphyry belt in South Lhasa (Li et al., et al., 2006). Some of the oldest known gold deposits in this region are 2004), the Yulong and the Bangongco (Li et al., 2005)define three distributed along the northern margin of the North China Craton, mostly major porphyry belts of gold associated with the Himalayan orogeny within Late Archean and Paleoproterozoic basement uplifts (Goldfarb (Goldfarb et al., 2014). Gold also occurs in the alkali granite porphyries et al., 2014) located between Bayan Obo in the north and Baotou in hosting skarn and polymetallic veins in the western Yunnan region, the south. Some deposits in this belt are younger, such as the with ages in the range of ca. 37–33 Ma (Goldfarb et al., 2014). Saiyinwusu gold deposit with ages in the range of 260–250 Ma and Among the major gold deposits in various provinces of China the Dongping deposit with an age of ca. 150 Ma, suggesting that the (Table 1), at least seven super-large (N100 tons Au), and twenty orogenic deposits in this region might be of Triassic age (Hart et al., 2002). large (50 to 100 tons Au) deposits have been identified based on the In northeastern China, north of the NCC, epithermal gold ores related estimated ore reserves. There are also several medium to small (20 to to subduction and convergence occur within Middle to Late Jurassic 50 and b20tonsAu)deposits(Fig. 1). andesites Other epithermal deposits, mostly volcanic-related also occur at the northeastern end of the Great Xing'an Range (Goldfarb et al., 2014). Gold mineralization also occurs in the interior domains of the NCC, 3. Historical sketch particularly along the Trans-North China Orogen that welds the West- ern and Eastern Blocks of the craton (Li and Santosh, 2014). Examples 3.1. Gold production and development in ancient China include the Shihu gold quartz-vein deposit in the west of Hebei Province within the central domain of the Taihang Mountains (Li et al., 2013)and In ancient China, the Bronze Age society (2000–771 BC) was primarily the Yixingzhai auriferous quartz-vein in the northeast of Shanxi engaged in agriculture with supplementary hunting and fishing, headed Province, at the northern domain of the Taihang Mountains (Li et al., by regional leaders and supported by extensive kinship groups. Early in 2012). The cryptoexplosive breccia-type and skarn-type gold deposit the preceding Neolithic period, jade, the locally available precious stone in the Luxi area, west of the Tan–Lu Fault are also some other examples was awarded a pride place as the symbol of purity and prestige for the (Guo et al., 2013). elite. The dawn of metal has been documented as early as the third Forming part of the Jiao–Liao gold province distributed in Western millennium BC in some parts of western China, when small copper and Shandong, Jiaodong Peninsula and southeastern Liaoning (Yang et al., bronze items have been recently unearthed (Bunker, 1993). 720 R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727

Table 1 After the introduction of metal working into metropolitan China, Major gold deposits in China. bronze became the major material for the manufacture of ritual vessels Source: Wang et al. (2008). and other paraphernalia. Together, jade and bronze were considered as Deposit County Province the most valued artistic materials. In ancient metropolitan China, the A. Super-large gold deposits (Au reserve N100 tons) precious metals like gold and silver were not important and did not re- Zijinshan Shanghang Fujian flect status. Instead, gold and silver were first used primarily for their Jinshan Dexing Jiangxi color to enhance artifacts made of other materials, such as bronze and Jiaojia Laizhou Shandong lacquer. Although gold eventually represented many of their qualities, Linglong Zhaoyuan Shandong Wenyu Lingbao Henan the yellow metal did not completely replace jade and bronze for the Lannigou Zhenfeng Guizhou manufacture of artifacts which were considered as the primary symbols Yangshan Wenxian Gansu of immortality, prestige and power (Bunker, 1993). – B. Large gold deposits (Au reserve N50–100 tons) During the Xia, Shang and Zhou dynasties (ca. 2100 256 BC), gold Dongping Chongli Hebei mining was mainly focused on placer deposits, where the miner pours Yuerya Kuancheng Hebei material from a stream bed into a rocker box, which is rocked back Shihu Lingshou Hebei and forth to separate gold dust from the sand and gravel. Although min- Xiaotongjiabuzhi Fengcheng Liaoning ing level of gold was relatively low, people of that time perfected the Maoling Gaizhou Liaoning Jinchang Dongning Heilongjiang technique of making vessels and utensils by using gold. The Tuanjiegou Jiayingou Heilongjiang archeological excavations show gold objects introduced by the Shang Dayingezhuang Zhaoyuan Shandong Dynasty including artifacts such as gold scepter, gold earrings and Dongfeng Zhaoyuan Shandong gold mask (Han et al., 2006). Shuikoushan Changning Hunan – – Qiuluo Ganzhi Sichuan During the Spring Autumn (770 476 BC) and Warring States Period Dongbeizhai Songpan Sichuan (475–221 BC) (Primal trek, 2013), China abounded with gold, as gold Shuiyindong Zhenfeng Guizhou production was flourishing at this time through both mining and utiliza- Jinlongshan Zhen'an Shaanxi tion. In the Xia, Shang and Zhou dynasties, the purposes of using gold Liba Lixian Gansu were only for making utensils and decorations to human body, whereas Dashui Maqu Gansu Zhaishang Minxian Gansu in the Warring States Period, historical relics unearthed in Chu state Tanjianshan Haixi Qinghai demonstrate that the first gold coin was cast in Chinese history, Dachang Qumalai Qinghai expanding the scope of gold as a currency (Han et al., 2006). The only Axi Yining Xinjiang minted gold of this period known is Chu Gold Block Money, which con- sists of sheets of gold 3–5 mm thick, of various sizes, with inscriptions

Fig. 1. The distribution of major super-large, large and medium-type of gold deposits in China. After Wang et al. (2008). R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727 721 consisting of square or round stamps in which there are one or two this time, the society was stable, economy was prosperous, and the characters. They have been unearthed in various locations south of the emperor often bestowed gold and silver utensils on his generals who Yellow River indicating that they were products of the State of Chu rendered great service. Government officials in different levels also (Wikipedia, 2014a,b,c). paid gold and silver utensils as tribute to the emperor, so the court Archeological surveys led to the discovery of gold coins from the Chu and nobles valued improvements in the processing technology and State in many parts of China including Anhui, Shandong, Henan, Hubei craftsmanship of these artifacts. The society also treated gold and silver and Jiangsu, suggesting widespread circulation of such coins at that utensils as treasure and were exchanged as gifts and for trade, which time. However, gold was confined for circulation within certain states enhanced the consumption of gold and silver. Gold production pros- and areas, and also among rulers, and was not used as free and extensive pered and special organizations were established for the management as the copper coins or other form of coins in the market at that time and processing workshops. A royal workshop was set up for making (Han et al., 2006). In the ‘Spring’ and ‘Autumn’ Periods, gold expanded gold and silver utensils during the Tang Dynasty named as “Wen Si its horizon in Chinese civilization. The metal was still used for massive Court”. These steps enormously promoted the development and crafts- decorations. According to their surface decorative techniques these manship of gold and silver artifacts in the Tang Dynasty (Han et al., can be divided into gem inlay, gilding, gold and silver inlay, copper 2006). inlay, engraved decoration, surface tin-enrichment, mother-of-pearl The Song, Yuan, Ming and Qing dynasties (960–1912 BC) ruled for inlay, burnished works with gold or silver inlay, surface coloring and more than 800 years. In the Song Dynasty, the government allowed cloisonné enamel, etc. Casting gold coins achieved a major break- free exploitation of gold mines for social stability and to strengthen through (Tan and Lian, 2011). the dominance of power. Until 1033 AD, exploitation of gold by In the mining side, skills for picking gold and mining gold steadily common people was prohibited, and the development of gold and silver improved through practice and experience accumulated from three industry declined. In the Yuan Dynasty, to safeguard their dominant generations in the Xia, Shang and Zhou dynasties. Some of the criteria position and prevent rebellion from people of central China, the then used in those days for prospecting gold include: (1) recognition of miner- governor divided people from all nations into different classes, where alization from outcrop features and oxidation zone; (2) stratigraphic the gold miner was the lowest class, even below those of ordinary color; and (3) peculiar terrain features. Archeological records show the people. Therefore gold mining did not see much development in the discovery of many marks of gold mines and the initiation of preparation Yuan Dynasty. In the Ming and Qing dynasties, the government adopted of simple geological maps. In the mining sector, the high density of gold policy for mining surveillance and management, and heavy tax was was employed for the gravitational method to wash out silt and pick levied that forced gold miners to revolt and escape. The kingdom's gold. The development of dredging method made a great advance in stability was threatened, and the development of gold mining industry processing placer deposits and enhancing gold production (Han et al., remained stagnant. In the Qing Dynasty, although gold mining was 2006). allowed by government, a large-scale exploitation was prohibited. So The Qin and Han dynasties (221 BC–220 AD) saw further progress in exploitation of gold and silver did not develop very well. gold mining. The Qin Dynasty lasted only for 14 years, with only limited According to historical records, in the Song Dynasty the methods development in gold mining. However, the Hans existed for prolonged for gold mining were developed from traditional mining for placer period of 426 years, when social stability and economic growth promot- gold into rock gold. Miners began to dig underground tunnels. They ed gold production. This period was considered as one of the most recognized “stone with gold” as a gold ore-hunting indicator. During prosperous periods in Chinese history. In the primary stage of the 1096 A.D., they learned to crush gold ores to relative small particles and West Han Dynasty, the total volume of gold production reached more pan gold particles out of them, which is the earliest mineral processing than one million jin, a unit of weight (=12 kg). Based on Chinese technology. The exploitation of rock gold underground, emergence of metrology of the past, in the West Han Dynasty 1 jin goes to 248 g of mineral processing technology and employment of ore concept illustrate the present, in the East Han Dynasty 1 jin goes to 220 g of the present, how the gold mining industry in ancient China had made periodic and thus, one million jin in West Han is equivalent to 248 tons of gold development and progress in the Song Dynasty (Han et al., 2006). as on today (Qiu, 1992). The estimated gold reserves in China during 2003 were 600 tons, which means that the gold reserves in the West Han Dynasty has reached 41.3% of the total amount of the present age 3.2. Gold distribution in ancient China (Newspaper of Gold in China, 2004). Because of the rich gold reserves, the emperor of the Han Dynasty The earliest gold output in the world was 920 tons in 3900–2000 BC, spared plenty of gold to reward his generals who have rendered great ser- which does not include the production from China. In 2100–1200 BC vices to his state. In the early years of the Han Dynasty, the shape of gold (equivalent to the Xia and Shang dynasties in China), the world gold unearthed resembled gold pie, which included rounded, irregular and output was 2645 tons, and the grand total added up to 3565 tons. persimmon gold (Han et al., 2006). In the stay society of the Han Dynasty, During this period, China had its own gold output, which was 20 tons. the demand for gold artifacts increased steadily. The gold artifacts This is the earliest recorded figure in China as far as we know (Tu unearthed show not only large quantities, but also higher craftsmanship. et al., 2002). The years of war and chaos during the period of the Three Kingdoms According to historical records, gold was very popular in Chu (state) (220–265 BC), namely, Wei (220–265), Shu Han (221–263) and Wu during the Zhou Dynasty (ca. 1046–256 BC). Gold coin was first made (222–280) — the Jin Dynasty (265–420), the Northern and Southern during this period in Chinese history. There were various types of Dynasties (420–589) (Xie, 2011) — severely affected the economy coins their sphere of circulation was broad, indicating that gold output causing a decline in gold production. The influence of this was also was relatively higher in state, although no precise statistics are reflected in (1) change in the unit of measurement of gold from jin to available. The ‘Book of Former Han’ ,saysthatthegrossreservesofgold liang (=50 g), (2) imperial court stopping the grant of gold, and (3) a in the Han Dynasty had reached up to one and a half millions Jin, which ban on use of gold for marriage. is equivalent to approximately 372 tons (Qiu, 1992). Given that gold Eventually, the processing of gold and silver artifacts achieved a high reserves of the People's Bank of China are 600 tons, the Han Dynasty degree of development. In the Tang Dynasty (618–906 BC), gold and gold is about 41.3% of the present day reserve (Newspaper of Gold in silver had made fairly great development. Many glittering and gleaming China, 2004). gold and silver crafts found in recent decades became one of the magnif- In the Tang Dynasty which was in existence for 290 years, the cumu- icent, dazzling sign for the prosperous and flourishing Tang Dynasty lative production of gold was approximately 156 tons. The gross output (Addison, 2012). The nobles in the Tang Dynasty admired gold; during of gold production in the Song Dynasty was about 52 tons, that of the 722 R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727

Yuan Dynasty was 39 tons, that of the Ming Dynasty was 23 tons, and in the Sui and Tang dynasties, and fluctuated from time to time in the the Qing Dynasty produced 30.5 tons (Han et al., 2006). Yuan, Ming and Qing dynasties (Tu et al., 2002). The historical records show that the areas for gold mining in the early Qing Dynasty (1662–1795 AD) included Qianan, Kuanhe, and 3.3. The Silk Road and development of gold Fengrun in Hebei Province; Wenshang, Zhaoyuan, Laiyang, Linqu, and Chuzhou in Shandong Province; Longquan in Zhejiang Province; The Silk Road, or Silk Route, is a series of trade and cultural transmis- Zhangye, Dunhuang, and Zamatu in Gansu Province; Tianzhu, Xinan, sion routes that were central to cultural interaction through regions of and Zhenyuan in Guizhou Province; Yicheng, Dazhi, and Shishou in the Asian continent. Extending 6437 km, it connected the East and Hubei Province; Jingzhou, Ruanling, and Yiyang in Hunan Province; West by linking traders, merchants, pilgrims, monks, soldiers, nomads Huaiji in Guangxi Province; Tacheng, Urumqi, and Yili in Xinjiang and urban dwellers from China to the Mediterranean Sea (Fig. 3). The Autonomous Region; and Yongchang, Yongbei, and Kaihua in Yunnan Silk Road gets its name from the lucrative Chinese silk trade, and Province (Xia, 1980). A map showing the gold distributions in ancient began during the Han Dynasty (206 BC–220 AD). The central Asian China (after Tu et al., 2002)ispresentedinFig. 2. sections of the trade routes were expanded around 114 BC by the Han Gold placer was the major source for recognition and exploitation in Dynasty, but earlier trade routes across the continents already existed the ancient time in China. Rock gold was found in the Han, Sui and Tang (Wikipedia, 2014a,b,c). dynasties. From the regional distribution, it is clear that gold mines were Trade on the Silk Road was a significant factor in the development of extensively found in the middle or lower reaches of the Yellow River, the civilizations of China, the Indian subcontinent, Persia, Europe and such as the Shanxi, Henan, Shandong, and Hebei provinces, and several Arabia (Wikipedia, 2014a,b,c). Silk-like porcelain originated from occurrences were also found in the middle and lower reaches of the China, and had become the symbol of prosperity and civilization in Yangtze River. The Pearl River Basin including the Guangdong, Guangxi, East Asia at that time. Caravans mostly exported silk, ironware, silver- Yunnan, and Sichuan provinces come second for gold mines compared ware, gold ware, mirror and other luxury products from China and with the regions in the Yellow River. From the Sui and Tang to Ming imported rare animals and birds, plants, fur, herbs, spices, jewelers, and Qing dynasties, gold mines were found and developed in the Liao- etc. from the west (Li, 1996). ning and Heilongjiang provinces of north-east China. The distribution In the past few years, archeologists in China and abroad found many of gold mines is in accordance with the level of economic and cultural graves of different dynasties, and the most common character of these development in different regions of China. In general, the exploitation graves was golden funeral objects buried for emperors and noblemen of gold occurred earlier in the developed regions as compared to the de- in ancient times. This suggests that almost all the nations along the veloping regions. Gold exploitation and utilization were flourishing in Silk Road adored gold and the circulation of gold was common and the Xia, Shang and Zhou dynasties, and then came the golden age in well-developed. Examples include the 6 ancient tombs full of gold the Han and the Three Kingdom dynasties. Thereafter it began to decline found in Tilly-Then relics of Afghanistan (Li, 1996). Gold was also

Fig. 2. The distribution of ancient gold workings in China. After Tu et al. (2002). R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727 723

Fig. 3. The Silk Road extending from Europe through Egypt, Somalia, the Arabian Peninsula, Iran, Afghanistan, Central Asia, Sri Lanka, Pakistan, India, Bangladesh, Burma, Java—Indonesia, Philippines and Vietnam to China. The land routes are red, and the water routes are blue. After http://en.wikipedia.org/wiki/Silk_Road.

unearthed from the noble graves in the Xia Dynasty of China, the Qin was considered to reflect the extent of import, and was not considered graves of Li Xian in Gansu Province, and 4 tombs from the time of the as a factor of the economic growth. Ancient China might not have had Warring States in Tianshan Mountain of Xinjiang Autonomous Region. any major breakthrough in gold exploitation and production, and the Many golden tombs were also discovered in Inner Mongolia and the growth in the gold ownership was because plenty of silk products and southern part of Siberia (Li, 1996). exquisite artifacts (such as copper mirror, lacquer ware) were exported Two lines of distribution of golden cemeteries appear at both ends of to the west in exchange of gold products (Li, 1996). the Eurasian Steppe: one is Hetao and Guanzhong at the center, and the other is from north of Mt. Tianshan to Afghanistan and Kazakh Steppe. The two hemispherical ends in the east and west were the central 4. Economic aspects region of the Silk Road in ancient time — the Guanzhong Basin, Central Asia and Mesopotamia (Aly, 2006). 4.1. Comparison of gold reserves It is interesting to trace the source of gold in all the above cases. The ancient Chinese dynasties gave way to Hun and Yueshi nomads who The mineral commodity data as compiled in 2008 show that up to were very active in the Eurasian Steppe to avoid conflicts, whereas the 2007, the world gross reserves of gold stand at 42,000 tons with a Hun and Yueshi nomads usually served in intermediate position when reserves base of 90,000 tons (U.S. Geological Survey, 2008). Among people traded through the Silk Road. Plenty of gold was reaped by this, South Africa accounted for 14.29% of the world gross reserves and Daxia nomad who lived at the crossroad of the Silk Road. Most of the 40% of world gold reserves. The other countries that account for major gold in ancient China came from the west, the mountain zone of the shares of world gold reserves include Australia (11.9%), Peru (8.33%), Black Sea coast, ancient India and Rome which were important gold Russia (7.14%), United States (6.43%), Indonesia (4.29%), Canada producing areas. The west exchanged gold for Chinese silk. This infer- (3.09%) and China (2.86%). The total amount of reserves in these ence is supported by the following aspects. Ancient China had a feudal seven countries accounts for 58.33% of the world gross reserves of regime with a strict control on gold. Also, it had policy of physiocracy, gold (U.S. Geological Survey, 2008)(Table 2). which put a lot of attention on agricultural rather than commerce. The In China, following the eighth consecutive years of growth, the gross governors of that time would not have allowed the domestic gold to gold reserves reached 6864.79 tons in 2010, after South Africa and flow out of the country freely (Aly, 2006). Because of the relatively Russia (Liu et al., 2011), ranking in the third place of global reserves. well-developed economy in ancient China, the overall volume of gold Out of this, the reserves from east China account for 1977.31 tons,

Table 2 Gold reserves in major gold producing countries during 2010. Source: Xu (2012).

Rank Countries Reserves Rank Countries Reserves

1 South Africa 31,000 8 Chile 3400 2 Russia 7000 9 Mexico 3400 3 China 6864 10 Ghana 2700 4 Australia 6000 11 Brazil 2500 5 Indonesia 6000 12 Peru 2300 6 United States 5500 13 Papua New Guinea 2300 7 Canada 4200 14 Uzbekistan 1900 Total of other countries 2200 World total 100,000

Unit in tons. 724 R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727

4.5 tons in 1949. Since 1988, the gold production in China recorded a growth rate of 15% in successive 3 years reaching 76.16 tons in 1991, and at 100 tons for the first time in 1995. In the past ten years, the rate of production increased 70%, launching China as the top producer of gold in the world in 2008 when the production reached 300 tons peryear(Huang, 2008). According to the data from the China Gold Association, China's gold output reached a record high of 360.96 tons in 2011, cementing its top global ranking for the fifth consecutive year (Zhang, 2012a,b). Based on the latest data released by China Gold Association, the country stands as the largest gold producer in the world with output rising to 23.904 metric tons, an increase of 11.48% between January and July 2013 and the total production reaching to 232.189 metric tons. In July 2013 alone, the gold output in China was 39.367 metric tons. China maintains its position as the world's largest gold producer for 6 consecutive years (Southcn.com, 2013). We show in Fig. 5 a pie chart illustrating the gold production history of various countries during 2009. China stands at the top with Fig. 4. Gross reserves of gold in China and reserve structure in the eastern, central and 313.98 tons in 2009, followed by Australia with a production of western part of China between 2005 and 2010. 227 tons. The other major gold producing countries are United States After Xu (2012). (216 tons), South Africa (204.92 tons), Peru (180 tons), Canada (95 tons), Ghana (90.2 tons), Indonesia (90 tons), Uzbekistan (80 tons) those of central China was 2474.04 tons, and the reserves in west China and other countries totaling 854 tons with a total global gold production are 2413.44 tons (Xu, 2012). of 2572 tons (data source: http://www.goldsheetlinks.com/production. Fig. 4 shows that since 2005, the proven reserves of gold in China have htm). been steadily increasing, from 4614.7 tons in 2005 up to 6864.79 tons in 2010, with a growth rate of 48.76%. All the sectors — the eastern central 4.3. Comparison of gold demand and western — in the country recorded an increase in the finding of new reserves, with the central region showing the maximum increase. Gold buying in the major markets of India and China accounted for We show in Table 3 the distribution of the gold in various provinces 49% of the world's total demand and 55% of global jewelry demand and regions in China and the trend of increase during 2006 to 2010. (Zhang, 2012a,b). Fig. 6 shows that India ranks as the largest consumer This increase in trend of gold reserves in recent years follow the advance- of gold in the world in 2011, with China taking the second place. The ments in exploration techniques and the increased investment in terms of total figure hit 811.2 tons in China, a 22% increase compared to 2010, funds and equipments by gold producing companies in the major driven by jewelry and investment demand. The largest rise was in bar provinces and regions of gold reserves. and coin investment, where the demand rose by 43% to achieve the height of 266 tons. At the same time, jewelry demand kept rising 4.2. Comparison of gold output throughout the four quarters, making China the biggest single jewelry market in the world for the second half of 2011. In the fourth quarter Given that not all regions in the world produce gold, the global gold of 2011, the country consumed 201.6 tons of gold, 28.6 tons more output is markedly uneven. South Africa has dominated as the largest than that of India, the world's largest gold consumer. It is predicted by gold producer in the world for nearly 100 years (from 1905 to 2007), the World Gold Council that China will replace India as the top gold until China replaced this position recently and became the largest gold consumer in the world (Miles and Chen, 2013). producing country in the world in 2008. The gross gold production The World Gold Council identifies China as the fastest growing from South Africa accounted for 40% of world gross gold production, consumer of the yellow metal, with the country's gold consumption reaching a summit of 1000.417 tons in 1970 and subsequently falling down to 300 tons in 2005, and 272 tons in 2007. The country's share in the world's gross production of gold reduced to 40% from 67.7% in 1970. In contrast, the gold production in China steadily hit new highs catching the attention of the world. Gold production in China was only

Table 3 Gold reserve distribution in different provinces and regions of China as estimated between 2006 and 2010. Data source: Xu (2012).

2006 2007 2008 2009 2010

Shandong 543.13 617.15 732.09 903.6 1148.18 Jiangxi 560.34 455.97 555.73 569.5 572.11 Gansu 382.37 576.25 579.56 511.8 564.88 Yunnan 335.6 363.4 359.96 377.1 437.3 Henan 251.94 253.51 300.41 369.3 395.08 Inner Mongolia 165.54 223.58 297.48 354.3 328.16 Heilongjiang 265.85 294.26 295.35 323.4 323.94 Anhui 299.18 218.15 231.12 232 312.47 Sichuan 268.36 268.78 303.56 311.1 308.27 Shanxi 218.27 297.51 297.41 296.7 286.67 Total 4996.9 5541.34 5951.79 6327.9 6864.79 Fig. 5. Pie chart showing the gold production history of various countries during 2011. Unit tons. Source: http://www.goldsheetlinks.com/production.htm. R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727 725

applications. Among these, the jewelry and decoration account for 80% of overall gold consumption. Gold for industrial uses account for less than 10% of the overall global demand for this metal. Gold has also played an important role in trace, finance and currency (China Galaxy Securities Research, 2009). In microeconomics, economies of scale are the cost advantages that enterprises obtain based on size, output, or scale of operation, with cost per unit of output generally decreasing with increasing scale (Wikipedia, 2014a,b,c). The domestic gold industry in China still does not have an adequate scale. In 2000, there were about 2000 gold pro- ducers, with most of them being relatively small and unsophisticated by international standards. Few of these produces operate on a global platform, though the number of producers had reduced to about 800 in 2007 after the mergers, acquisitions, restructuring and consolidation. The management and technological standards of many of these firms remain weak and inefficient. Accounting for 20% of total gold produc- tion in China and controlling more than 30% of domestic reserves, the China National Gold Group Corporation (CNGGC) is the oldest and larg- est gold producer in the country. The CNGGC also controls Zhongji Gold, the first publicly listed gold mining company in China (Wikipedia, 2013). The economic scale of China's gold industry is mainly reflected in the following aspects. (1) When an enterprise is maintained over time, the Fig. 6. Comparison of total gold bar and coin demand between China and major gold human capital in this enterprise accumulates gradually, and the profes- producing countries over the world during 2010. Source: www.gold.org/download/get/pub_archive/pdf/GDT_Q1_2013.pdf. sional skill also increases. (2) The merger and reorganization among gold production enterprises in China significantly impacted the gold producers in different regions including improvements in mining tech- expected to double over the next decade due to jewelry demands and nology, experience, information sharing, and extension by organization investment needs. China has seen its gold demand grow at an average integration. (3) The development of gold industry in China and the con- rate of 13% per year over the past five years, reaching a total of tinuous expansion of major gold producing companies promoted the in- 423 tons in 2009, with 314 tons supplied by domestic mines. China's troduction of specialized technology and equipments thereby total stock of gold is estimated at about 5000 tons, relatively low figure enhancing the degree of professionalization in the industry (Xu, because of the government policy which did not allow Chinese people 2012). Input from geological investigations based on improved concepts to purchase gold prior to the last 20 years (Miles and Chen, 2013). and models, and the induction modern techniques of exploration and Based on the latest data released by China Gold Association, in 2011 exploitation, led to tremendous advancements in production efficiency gold consumption in China was 761.05 tons, an increase of 189.54 tons and scaled economy. The major indicators of economy scale are cost, than the previous year, registering an increase of 33.2%. Among this, profit and output. The comprehensive production cost in gold industry gold jewelry was 456.66 tons (hike of 27.9%), gold bars were records a gradual increase in China in the recent years, similar to that 213.85 tons (50.7% hike) and gold coins were 20.80 tons (25.2% hike). in the other parts of the world, the major reasons for this are as follows The industrial use of gold was 53.22 tons (12.3% hike) and other utility (Song, 2010): accounting for 16.52 tons (93.9% hike) (China Gold Association, 2012). 1) With constant exploitation, the mining grade of gold ore has been decreasing gradually with exploitation becoming more difficult. 4.4. Economy scale 2) Exploration and prospecting techniques require more investments which is reflected in the increase of comprehensive cost of gold Gold is considered as the most potential capital investment due to its production. rarity which makes the yellow metal a precious one, and its stability as a 3) Price of labor, raw material and fuel keep rising steadily, because of reserve. It is estimated that the government stocks of gold exceed which production cost steadily increases. 31,000 tons, and private investments by people exceed 20,000 tons. Gold is also an important commodity and is extensively used in jewelry The average production cost in the international gold industry in industry, electronic industry, dentistry, gold medals and other industrial 2010 was estimated as 857 dollar/oz, an increase of 19.53% as compared

Fig. 7. Production cost in gold industry in China compared with that in other parts of the world. After Xu (2012). 726 R. Zhang et al. / Ore Geology Reviews 65 (2015) 718–727

Fig. 8. Gross output value of China gold industry and proportions in GDP between 2003 and 2010 (unit: billion RMB). After Xu (2012). to the cost in 2009. The production cost of gold industry in China was 5. Conclusions 663.41 dollar/oz based on the annual exchange rate after conversion, an increase of 19.2% than in 2009 (Xu, 2012). The major gold deposits in China and surrounding regions are A comparison of comprehensive production cost in gold industry distributed along several belts including craton margins, intracratonic between China and the world from 2001 to 2010 is shown in Fig. 7.In sutures and subduction–accretion–collision zones. Historically, the China, the comprehensive production cost of gold industry in 2010 dawn of the yellow metal has been documented as early as the third was 144.39 RMB/g, an increase of 12.6% than in 2009. An analysis on millennium BC in some parts of western China. During the early dynasties production cost among enterprises with view on scale of enterprise of Xia and Shang (2100–1200 BC), gold mining was mainly focused on shows that the one that has lower comprehensive production cost has placer deposits. China abounded with gold during the ‘Spring–Autumn’ an average output of 1.035 tons, whereas the one with a higher compre- (770–476 BC) and Warring States Period (475 –221 BC) with flourishing hensive cost and unprofitability shows a much less output of 0.121 tons. gold production flourishing through both mining and utilization. Most It has therefore been suggested that scaled economy is an important of the gold in ancient China came from the west by trade along the Silk means to control production cost for most of the gold production enter- Road. The proven reserves of gold resources in China record a growth prises (Xu, 2012). rate of 45.76% from 2005 to 2010, with the central region showing the maximum increase. The gross industrial output of gold industry in China increased sharply from 20.82 billion Yuan up to 229.29 billion 4.5. Profits and enterprise earnings in China gold industry Yuan between 2000 and 2010, registering 9 times growth, and breaking the world record. The rate of production increased 70%, launching China The profits made by China gold industry in 2010 was around as the top producer of gold in the world in 2008 when the production 24.87 billion Yuan, realizing a continuous growth for 11 years (Xu, reached 300 tons per year. China's gold output reached a record high of 2012). Compared with 2009, the profits increased by 10.91 billion 360.96 tons in 2011, launching the country as the largest producer of Yuan, up by 78.19%, a record high in recent 35 years. Thirty two enter- gold in the world. prises made profits over 100 million Yuan in 2010, accounting for 13.39% of the total number of enterprises in the country. One hundred Acknowledgments and six enterprises made profits between 10 and 100 million (44.35% of the total), 68 enterprises made profits between 1 and 10 million We thank Prof. Franco Pirajno for his editorial work and two anony- (28.45% of the total), 19 enterprises made profits below 1 million mous reviewers for helpful comments on this paper. We are also grate- (7.95% of the total) and 14 enterprises made no profit and even had a ful to Prof. Shengrong Li for reading through the manuscript and deficit account of 5.86% of the total (Xu, 2012). offering corrections. We thank Ms. Qiongyan Yang for discussion and The gross industrial output of gold industry in China increased Ms. Huang Xiao for help with drafting the figures. This work forms sharply from 20.82 billion Yuan up to 229.29 billion Yuan between part of the PhD research of Rui Zhang, and also contributes to the Talent 2000 and 2010, registering 9 times growth, and breaking the world Award to M. 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