Shandong Gold Mining Co, the third-largest Chinese bullion producer, said its first-half profit jumped more than fivefold on higher output.

The company bought five gold mines and cut production costs, it said in a statement yesterday, enabling it to benefit from soaring demand and prices. China's consumption of gold jumped 23 percent in 2007, making it the world's second-largest consumer.

The company surpassed Zijin Mining Group Co and other gold miners on its increased output. It is expecting output to increase by as much as 300 percent this year.

(China Daily July 16, 2008)