Gold Refineries in China — Every Major Refinery, SGE-Listed Processor & LBMA Participant (2026)

Gold Refineries in China:  China has the world’s largest gold refining sector. The five most significant gold refineries are: (1) Shandong Gold Group Refinery — largest single refinery by capacity (~500t/yr); (2) Zhongyuan Gold Smelter (Henan Gold Group) — LBMA Good Delivery listed, ~400t/yr; (3) Guizhou Zijin Tiancai Gold Refinery (Zijin Mining) — major southern China processor; (4) China National Gold Group Corporation (China Gold) Refinery, Beijing; (5) Chengtong Metal — SGE-accredited silver and gold processor.

China refines more gold annually than any other country — approximately 1,500–2,000 metric tonnes — processing both domestic mine output (China is the world’s largest gold producer at ~370t/yr) and imported doré from Africa, Australia, and Russia.

All major Chinese gold refineries are accredited by the Shanghai Gold Exchange (SGE). Several are also listed on the LBMA Good Delivery List. For certified African gold bars, visit buygoldbarsafrica.com.

China’s gold refining industry is the largest in the world by annual throughput — processing both the output from China’s domestic gold mines (the world’s largest national production at approximately 370 metric tonnes per year) and substantial volumes of imported gold doré from Africa, Australia, Russia, and Central Asia.

Total Chinese gold refining capacity is estimated at 1,500–2,000 metric tonnes per year across dozens of accredited refineries — dwarfing the combined capacity of Switzerland, the UAE, and Singapore combined. China’s refining sector is primarily regulated and accredited by the Shanghai Gold Exchange (SGE) — the world’s largest physical gold exchange — which maintains a list of approved domestic refiners whose output is accepted for delivery on the exchange.

Several of China’s largest refineries have also achieved LBMA Good Delivery List accreditation, giving their output international market recognition alongside Swiss and Australian refiners.

This guide covers every major gold refinery in China — their ownership, refining capacity, accreditation status, geographical location, primary gold inputs, and role in the global precious metals supply chain.

It also covers the Shanghai Gold Exchange accreditation system, China’s role as a destination for African doré imports, and what international gold buyers and African gold exporters need to understand about China’s refining infrastructure.

For certified African gold bars and gold products sourced directly from African mines and licensed for international export, visit Buy Gold Bars Africa.

China Gold Refining — Key Statistics and Industry Overview 2026

💡 China gold premium for African exporters:  China’s domestic gold price on the SGE typically trades at a premium of $10–30/oz above the LBMA London spot — driven by import restrictions and intense domestic demand. For African gold exporters routing doré to Chinese refineries, this premium can translate into better effective prices than Swiss or UAE refinery routes. The premium varies significantly with China’s import quota policy and RMB/USD dynamics.

Shandong Gold Group Refinery — China’s Largest Gold Refinery

Shandong Gold Group Co., Ltd. is China’s largest gold mining and refining conglomerate and one of the largest in the world, operating the country’s biggest single gold refinery complex in Laizhou, Shandong Province.

Shandong Gold Group is a state-owned enterprise controlled by the Shandong Provincial SASAC (State-owned Assets Supervision and Administration Commission) and is listed on both the Shanghai Stock Exchange (A-shares) and the Hong Kong Stock Exchange (H-shares).

The group is both a major gold miner — operating the famous Linglong gold mine and Jiaojia gold deposit, both among China’s richest — and the operator of the largest gold refinery capacity in the country.

Shandong Gold Group Refinery — Key Data

Shandong Province — China’s Gold Mining and Refining Heartland

Shandong Province accounts for approximately 30% of China’s total national gold production — making it by far the country’s most gold-productive region. The Jiaodong gold belt in north-eastern Shandong contains the Jiaojia, Linglong, Xincheng, Sanshandao, and Rushan gold deposits — a cluster of high-grade intrusion-related gold systems that collectively represent one of the world’s richest unmined gold endowments.

Shandong Gold Group’s integration of Shandong’s mine output with its Laizhou refinery complex makes it the most completely vertically integrated gold company in China — controlling the resource from underground ore to finished 999.9 fine bar delivered to SGE vault.

Shandong Gold Refinery and LBMA Accreditation

Shandong Gold Group’s LBMA Good Delivery List accreditation is significant because it enables the group’s 400-troy-ounce bars to be accepted in London, New York, and international gold markets without re-assaying — giving Shandong-refined gold the same global market access as bars from PAMP Suisse, Metalor, or Rand Refinery.

For international buyers of Chinese gold and for African gold producers considering routing doré through Chinese refineries, Shandong Gold Group’s dual SGE + LBMA accreditation means that the refined product achieves full international liquidity. See our gold in Africa for sale page for African doré available for international processing.

Zhongyuan Gold Smelter (Henan Gold Group) — LBMA-Listed Central China Refinery

Zhongyuan Gold Smelter Co., Ltd. (中原黄金冶炼厂), also known internationally as Zhongyuan Gold Refinery, is the primary gold refining operation of the Henan Gold Group — a major state-owned mining and metals company headquartered in Sanmenxia, Henan Province in central China.

Zhongyuan is one of China’s most internationally recognised gold refineries, holding LBMA Good Delivery List accreditation that makes its bars accepted in global precious metals markets alongside Swiss refineries.

The refinery processes gold from Henan Province’s considerable mine base — Henan is China’s second-largest gold producing province — as well as purchased doré from across China and imported material.

Zhongyuan Gold Smelter — Key Data

Henan Province’s Gold-Copper-Lead Ore Complexity

What distinguishes Zhongyuan Gold Smelter’s refining operation from a pure gold refinery is the metallurgical complexity of Henan’s ore. Henan Province’s gold deposits — particularly in the Xiaoqinling gold field and along the Shang-Dan tectonic belt — frequently contain gold co-associated with copper, lead, and silver in sulphide ore. Zhongyuan’s processing facility must therefore employ more complex multi-metal separation circuits than a refinery processing relatively clean alluvial or free-milling mine doré.

This multi-metal capability makes Zhongyuan particularly well-suited to processing complex doré from artisanal African mines where gold is co-associated with base metals that would require penalty deductions at simpler facilities. For African gold with complex chemistry, see our gold dust and raw gold sourcing page.

Zijin Mining Group Refineries — China’s Most Internationally Active Gold Producer-Refiner

Zijin Mining Group Co., Ltd. (紫金矿业集团股份有限公司) is China’s most internationally active mining company — operating gold, copper, and zinc mines across Africa, Australia, Central Asia, Southeast Asia, and South America, as well as a major domestic Chinese mining and refining base.

Headquartered in Shanghang, Fujian Province, Zijin is listed on both the Hong Kong Stock Exchange (2899.HK) and the Shanghai Stock Exchange, and has grown to become one of the world’s top 10 gold producers by annual output

Guizhou Zijin Tiancai Gold Refinery — Zijin’s Primary Refining Hub

Zijin’s primary domestic gold refining operation is located in Guizhou Province, south-western China — a region that has emerged as a significant gold processing centre following Zijin’s acquisition of multiple Guizhou gold mines.

The Guizhou Zijin Tiancai Gold Refinery processes gold concentrate and doré from Zijin’s extensive domestic and international mine portfolio and sells refined gold both on the SGE and directly to international buyers.

Zijin Mining — Key Refinery Data

Zijin Mining’s African Operations and the Gold Refinery Connection

Zijin Mining’s most significant African operation is the Kamoa-Kakula Copper Complex in the DRC — a joint venture with Ivanhoe Mines (39.6% Zijin, 39.6% Ivanhoe, 20.6% DRC government interests) that is the world’s second-largest undeveloped copper deposit by contained resource.

While Kamoa-Kakula is primarily a copper mine, gold is recovered as a by-product in the copper smelting process. Beyond Kamoa-Kakula, Zijin has expressed active interest in expanding its African gold mining presence — meaning that in the medium term, Zijin’s Chinese refinery complex may become an increasingly important destination for African-origin gold concentrate and doré

For African gold producers and licensed dealers seeking to understand the Chinese refinery market for their gold, Zijin’s integration of international mine sourcing and Chinese processing capability represents one of the most direct linkages between African gold supply and Chinese refining demand.

See our buy gold from local miners Africa page for how we source certified gold directly from licensed African operations for international export.

China National Gold Group Corporation (China Gold) — The State’s Gold Refiner

China National Gold Group Corporation (中国黄金集团有限公司), trading as “China Gold”, is the directly state-owned gold company under the supervision of China’s central SASAC — making it the only major Chinese gold company controlled at the national (rather than provincial) level.

China Gold operates mines, smelters, refineries, jewellery retail outlets, and a significant gold trading business across China and internationally. Its refinery operations are headquartered in Beijing with significant additional processing facilities linked to its mine operations in Inner Mongolia, Tibet, and other provinces.

China National Gold Group Refinery — Key Data

China Gold’s Role in People’s Bank of China Gold Reserve Building

China Gold’s status as a centrally owned state enterprise gives it a unique role in supporting the People’s Bank of China’s (PBOC) gold reserve accumulation programme.

China has been one of the world’s most active central bank gold buyers since 2022 — officially adding hundreds of tonnes to reserves while the actual pace of acquisition may be even higher.

China Gold’s refinery network provides the domestic refining capacity through which domestically mined gold is converted to PBOC-eligible bars and transferred to the PBOC’s vault holdings. This central bank refinery role is one of the reasons China Gold maintains its strategic importance despite not being the country’s highest-volume refiner.

Minmetals Yingkou Nonferrous Metals Refinery — Northern China’s Precious Metals Processor

Minmetals Yingkou Nonferrous Metals Co., Ltd. is a refinery operated under the umbrella of China Minmetals Corporation — one of China’s largest state-owned metals groups, with operations spanning mining, smelting, trading, and engineering globally.

The Yingkou facility, located in Yingkou, Liaoning Province in north-eastern China, is primarily known as a multi-metal refinery processing copper, lead, zinc, silver, and gold from complex sulphide concentrates.

Gold and silver are recovered as precious metal by-products from the base metal smelting operations — a common configuration in Chinese non-ferrous metal complexes where gold and silver credits contribute meaningfully to overall economics.

Minmetals Yingkou — Key Data

How Gold Is Recovered from Base Metal Processing at Yingkou

At Minmetals Yingkou, gold is recovered through a process distinct from primary gold refining. Lead smelting produces a lead bullion that contains gold, silver, and copper impurities.

This bullion is processed through a Parkes desilvering process (adding zinc to molten lead, which forms a zinc-silver-gold crust that is skimmed off) to concentrate the precious metals.

The resulting precious metal-rich material is then cupelled (oxidised in a furnace to remove lead, giving a silver-gold doré), and finally separated by the Miller chlorination + Wohlwill electrolytic process to produce separate 999.9 fine gold and 999 fine silver.

This multi-step precious metal recovery from base metal processing is a technically demanding but economically important part of China’s overall gold production profile.

Other Major Gold Refineries in China — SGE-Listed and Provincial Processors

Beyond the five primary refineries, China’s gold processing sector includes a significant number of SGE-accredited provincial and regional refineries that together account for a substantial portion of the country’s total gold refining throughput. The following are the most significant additional operations:

Tongling Nonferrous Metals Group — Anhui Province Copper-Gold Processor

Tongling Nonferrous Metals Group (铜陵有色金属集团股份有限公司) is one of China’s largest copper companies, headquartered in Tongling, Anhui Province in eastern China. Like Minmetals Yingkou, Tongling recovers gold and silver as by-products from its copper smelting operations — specifically from copper anode slimes produced during copper electrorefining.

Copper anode slimes are extraordinary gold concentrators: they typically contain 1,000–10,000 grams of gold per tonne — compared to a primary gold ore grade of 1–5 grams per tonne.

Tongling’s precious metals plant processes these slimes to recover both gold (to 999.9 fine) and platinum group metals (PGMs), making it one of the highest-grade gold feed processors in China. Tongling is listed on the LBMA Good Delivery List for silver and is an SGE Approved Supplier for gold and silver.

Chifeng Jilong Gold Mining — Inner Mongolia

Chifeng Jilong Gold Mining Co., Ltd. (赤峰吉隆黄金矿业股份有限公司) is a major gold mining and refining company in Chifeng, Inner Mongolia — one of China’s northern gold producing regions.

Chifeng Jilong operates both its own gold mines in Inner Mongolia and a gold smelting and refining facility producing SGE-standard 999.9 fine gold bars.

The company has grown significantly through acquisitions of neighbouring mine properties and has become one of northern China’s most significant mid-tier gold refiners with annual gold output in the range of 10–20 tonnes per year from its combined mining and toll-refining operations. Chifeng Jilong is an SGE Approved Supplier.

Yunnan Copper Group — South-Western China’s Base Metal-Gold Processor

Yunnan Copper Group (云南铜业股份有限公司) is another major base metal company that recovers gold and silver as precious metal by-products from its copper smelting operations in Kunming, Yunnan Province in south-western China. Yunnan’s ore base, drawn from the Yunnan-Guizhou-Guangxi gold and copper belt, contains significant precious metal credits.

Yunnan Copper’s precious metals plant produces 999.9 fine gold and 999 fine silver as by-products, and is listed on the LBMA Good Delivery List for silver with gold also processed to LBMA-eligible standard. Yunnan Copper is listed on the Shanghai Stock Exchange

Inner Mongolia Qiankun Gold and Silver Refinery

Inner Mongolia Qiankun Gold and Silver Refinery Co., Ltd. (内蒙古乾坤金银精炼股份有限公司) is a specialist gold and silver refinery — one of the few in China not primarily associated with a base metal smelting complex. Located in Ulanqab (Wulanchabu), Inner Mongolia, Qiankun processes gold doré from Inner Mongolia’s extensive small-scale gold mining sector, purchased gold concentrate from regional miners, and recycled gold from electronic and jewellery scrap.

Qiankun is an SGE Approved Supplier and produces 999.9 fine gold bars and silver bars for the SGE delivery market. It is one of Inner Mongolia’s largest precious metals processors.

Shandong Zhaojin Group Refinery — Gold Mining Pioneer

Shandong Zhaojin Group Co., Ltd. (山东招金集团有限公司) is one of China’s largest gold mining companies — headquartered in Zhaoyuan, Shandong Province — the heartland of China’s Jiaodong gold belt. Zhaojin operates a vertically integrated gold mining and refining operation: its mines in the Jiaodong peninsula produce ore that is processed at Zhaojin’s own mill and smelter before being refined at the group’s refinery to SGE-standard 999.9 fine gold. Zhaojin is listed on the Hong Kong Stock Exchange (1818.HK) and is one of China’s most internationally recognised gold companies. Its refinery is SGE-accredited and produces both investment-grade gold bars and gold products for Zhaojin’s own jewellery brand.

Jiangxi Copper Company — World’s Largest Copper Producer Also Refines Gold

Jiangxi Copper Company Limited (江西铜业股份有限公司) is China’s largest copper producer and one of the world’s largest, with its main complex in Guixi, Jiangxi Province in south-eastern China. Like Tongling and Yunnan Copper, Jiangxi Copper recovers gold and silver from copper anode slimes produced during copper electrorefining — at concentrations of 1,000–10,000 g/t Au. Jiangxi Copper’s precious metals recovery produces several tonnes of 999.9 fine gold per year as a copper by-product. The company is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange and is listed on the LBMA Good Delivery List for silver. Gold output also achieves 999.9 fine standard for SGE delivery.

The Shanghai Gold Exchange (SGE) — China’s Gold Refinery Accreditation System

Understanding China’s gold refineries requires understanding the Shanghai Gold Exchange (SGE) — the institution that governs the quality standards, accreditation, and trading of physical gold in China’s domestic market.

The SGE is the world’s largest physical gold exchange by annual trading volume, processing hundreds of thousands of tonnes of gold transactions annually (though most are through the International Board and paper gold products rather than physical delivery). For physical gold, the SGE’s Approved Supplier List is the Chinese equivalent of the LBMA Good Delivery List.

SGE Gold Bar Standards — The 1kg Kilobar Benchmark

The SGE’s standard physical delivery contract is for 1-kilogram gold bars at minimum 999.9 fine purity — a standard that differs from the LBMA’s 400-troy-ounce (12.4kg) Good Delivery bar standard.

This 1kg SGE kilobar has become the de facto Asian gold bar standard — adopted not only in China but by the Singapore Gold Market Association (SGPMX) and the Dubai Multi Commodities Centre (DMCC) for their kilobar contracts. The SGE standard bar must meet the following specifications:

• Minimum fineness: 9 parts per thousand pure gold (99.99% gold content)
• Weight: 1,000 grams (1 kilogram) with tolerance of ±0.01g
• Dimensions: Specific size tolerances for length, width, and height — different from LBMA 400 oz bar dimensions
• Hallmark requirements: Refinery name, bar number, weight, fineness, year of manufacture — all required on each bar
• Delivery vault: Physical delivery via SGE-recognised vault operators only — bars cannot be delivered outside SGE vault network for SGE contract settlement

The SGE International Board — How Foreign Refineries Access China’s Market

The SGE International Board (SGEI), operated from the Shanghai Free Trade Zone (FTZ), allows international gold market participants — including non-Chinese refineries, mining companies, and trading firms — to trade physical gold priced in Chinese Yuan (CNY) for delivery to Shanghai FTZ vaults.

The SGEI price is independent of LBMA spot pricing and typically trades at a premium (the “China premium”) reflecting import restrictions, domestic demand, and CNY/USD dynamics.

For African gold exporters and dealers seeking access to Chinese gold buyers, the SGEI provides a mechanism to sell physical gold directly into Chinese-priced demand — potentially capturing the China premium above LBMA spot. See our gold bars and gold products for international buyers.

LBMA Good Delivery Chinese Refineries — The Full Current List

⚠️ LBMA list note:  The LBMA Good Delivery List is updated periodically. Some Chinese refineries hold “LBMA Proactive Monitoring” status rather than full Good Delivery listing. Always verify current listing status at lbma.org.uk/lbma-good-delivery before making sourcing decisions based on LBMA accreditation.

African Gold and Chinese Refineries — The Supply Chain Connection

China is Africa’s largest trading partner and a significant destination for African gold exports — both formally through official export channels and informally through trading networks. Understanding how African gold reaches Chinese refineries, and what the implications are for African gold producers and international buyers, is increasingly important as China’s role in the African gold market grows.

Official African Gold Imports to China

China’s officially recorded gold imports from Africa include significant volumes from Ghana, South Africa, DRC, Zambia, Zimbabwe, Tanzania, and Ethiopia. These imports arrive primarily as doré bars, gold concentrate, and copper-gold concentrate shipped to Chinese ports (Shanghai, Tianjin) and processed at SGE-accredited refineries. Chinese state companies — particularly Zijin Mining (DRC), China Nonferrous Metal Mining Group, and China Gold International — have established mining operations across Africa specifically to secure gold and copper supply chains feeding their domestic refining operations.

Informal African Gold Flows to China via Hong Kong and Dubai

Beyond official import channels, significant volumes of African artisanal gold enter Chinese refining networks through intermediary hubs — particularly Dubai and Hong Kong, where gold is re-exported to Chinese refineries after consolidation and informal documentation. This informal routing partially reflects the difficulty of meeting China’s customs documentation requirements for complex-origin artisanal gold and partially reflects the premium Chinese refineries’ clients pay for gold priced in CNY on the SGE. For licensed African gold dealers seeking to export legally documented gold for Chinese processing, the preferred route is direct export with complete OECD documentation to SGE International Board-participating refineries via the Shanghai Free Trade Zone.

Buying Certified African Gold — Refined to International Standard

For international gold buyers who want African-origin gold refined to 999.9 fine LBMA standard without navigating China’s SGE access requirements, Buy Gold Bars Africa provides certified 24K gold bars from Africa — already refined, assay-certified, and export-cleared for delivery to buyers in China, the USA, Europe, and across Asia. Our gold in Africa for sale page shows current stock and pricing. We also supply raw gold dust and gold for buyers who prefer to process through their own refinery relationships. For Uganda-specific mine sourcing, see Uganda gold mines and the significant Uganda gold discovery in Northern Region. For South African sourcing, see our gold mining in South Africa page.

Source Certified African Gold for Chinese or International Refineries — Buy Gold Bars Africa

Whether you need doré bars from African licensed mines for processing at a Chinese SGE-accredited refinery, or ready-refined 999.9 fine 24K gold bars already export-cleared and certified for delivery to China or any international destination, Buy Gold Bars Africa provides the complete sourcing, documentation, and logistics solution.

Our gold is sourced from DGSM-licensed Uganda mines, Ghana Minerals Commission-licensed operations, and other certified African producers — with full OECD conflict-free documentation and independent assay certification. Contact us at buygoldbarsafrica.com/contact/ or see our services page for the full scope of what we provide.

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