China became the world’s largest gold producer last year, helped by Canadian- and Australian-led projects that aim to add millions in ounces to the world gold supply.

China produced 276 metric tons of gold last year, equal to about 9.7 million ounces, said London precious metals consultancy GFMS Ltd. in a report released Thursday. That’s up 12% from the year-ago and represented just over one-tenth of the world’s supply.

The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweights, saw its production decline 8% to 272 metric tons. Read Full Story

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