Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
China’s first-half gold output fell 10.18% to 152.75 tonnes, as production was affected by safety inspections following some coal mine accidents, the China Gold Association said on Tuesday.
The eastern Shandong province reported two gold mine accidents in the first half, killing at least 16 people.
“All non-coal mines in the Shandong province had halted production since February and conducted safety production checks,” said the gold association, referring to the major reason for output declines.
Gold consumption in the January-June period, meanwhile, picked up from a relatively low base a year earlier, up 69.21% to 547.05 tonnes, according to the association.
Boosted by several holidays in the second quarter, gold jewellery consumption continued to rebound and became the major impetus for overall industry recovery, the association said.
Meanwhile, firm demand in new energy vehicles and electronics also fuelled stable growth for industrial-used gold, it said.
(By Min Zhang, Beijing Newsroom and Tom Daly; Editing by Kim Coghill and Rashmi Aich)
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