China has announced the discovery of the largest gold deposit in its history, with an estimated 1,444 tons of reserves.
The discovery, made in just 15 months, increases China’s gold reserves amid a sharp rise in the price of the precious metal.
China’s Ministry of Natural Resources confirmed on Friday the discovery of the Dadonggo deposit, the country’s largest gold deposit since 1949. The figures are impressive: 2.586 million tons of ore with an average purity of 0.56 grams per ton, equivalent to 1,444 tons of gold.
The estimated value of this amount of gold is currently more than € 166 billion. The price of gold has reached a record high of more than 115,000 euros per kilogram.
The project was carried out by the Liaoning Geological and Mining Group, which mobilized about 1,000 technicians and operators and completed the work in just 15 months.
However, Chinese authorities did not disclose the exact location of the mine, only stating that it is situated in the eastern part of Liaoning Province.
China’s domestic gold consumption reached 985.31 tons in 2024, with demand for bars and coins increasing by more than 24% compared to the previous year. This trend reflects the desire of China’s growing middle class to protect their money from global macroeconomic instability.
