The discovery, located off the coast of Laizhou in Yantai, Shandong Province, has increased Laizhou’s verified gold reserves to more than 3,900 tonnes (137.57 million ounces), accounting for roughly 26% of China’s total, according to the South China Morning Post.
Officials did not disclose the size of the newly discovered undersea deposit.
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Gold bars. Photo by AFP |
Last month, authorities announced the country’s first super-large, low-grade gold deposit in Liaoning province, with confirmed reserves of 1,444.49 tonnes (50.95 million ounces).
The Ministry of Natural Resources said it was the largest single gold deposit found since the founding of the People’s Republic of China in 1949.
In November, officials also reported the discovery of a gold deposit in the Kunlun Mountains near the western border of the Xinjiang Uygur autonomous region, with estimated reserves of more than 1,000 tonnes (35.27 million ounces).
In November 2023, Shandong Province said it identified about a quarter of the nation’s gold reserves, including more than 3,500 tonnes (123.46 million ounces) on the Jiaodong Peninsula – the world’s third-largest gold mining belt.
China is the world’s largest producer of gold ore, with output reaching 377 tonnes (13.3 million ounces) last year, according to the China Gold Association.
Despite leading global production, the country still lags behind South Africa, Australia and Russia in terms of proven reserves.
China spent CNY115.99 billion (US$16.47 billion) on geological exploration last year. Since the start of the current five-year plan in 2021, total investment in mineral exploration has approached CNY450 billion, leading to the discovery of 150 mineral deposits, according to the Ministry of Natural Resources.
The discoveries come as global gold prices continue to climb, fuelled by currency volatility, geopolitical tensions and heavy buying by central banks, particularly in emerging markets seeking to diversify their reserves.
Spot gold was trading at US$4,407 per ounce at the time of publishing, 68% higher since the beginning of the year.
