A significant gold deposit estimated to hold approximately 1,444 tonnes of reserves, valued at nearly US$193 billion, has been identified in China. This monumental find is the largest for the nation since 1949.
The find, termed as the Dadonggou deposit, is situated in China’s northeastern Liaoning Province. According to the country’s Ministry of Natural Resources, it is estimated to contain around 1,444.49 tonnes of gold within 2.586 billion tonnes of ore. Despite the ore being of a low grade, with an average grade of 0.56 grams per tonne, the sheer size of the deposit has earned it the title of the largest single gold discovery in China since 1949.
With current market rates, the estimated value of the gold deposit is over 166 billion euro (US$192.9 billion).
The development of the Dadonggou mine is set to be a collaborative effort, with the China National Gold Group, Liaoning Mineral Geology Group, and the Yingkou Municipal Government partnering up. Investment plans from 2024 to 2027 indicate an estimated expenditure of over 20 billion yuan (US$2.82 billion). This investment will be directed towards establishing a comprehensive industry chain which includes exploration, mining, processing, smelting, and gold jewelry production.
In the past year, China has reported several similar gold deposit discoveries, such as a substantial find in Hunan province. Prior to these discoveries, the world’s largest known gold deposits typically held only a few hundred tonnes.
Industry estimates previously suggested that around 3,000 tonnes of gold remained undiscovered in China. This figure was considered to be a quarter of the untapped reserves in Russia and Australia. However, the frequency of new discoveries implies that China’s gold reserves could be considerably larger than previously believed.
China has been increasing its mineral exploration activities in recent years. In 2024, the country produced 377.24 tonnes of gold, marking a 0.56% increase from the previous year. Domestic consumption of gold reached 985.31 tonnes, with the demand for gold bars and coins rising by over 24%.
This latest discovery coincides with an increase in the global demand and price for gold. The value of the precious metal has soared by over 50% this year, reaching a peak of $4,381.21 per ounce on October 20. Factors contributing to this surge include a weaker dollar, geopolitical tensions, and aggressive central bank buying in emerging economies aiming to diversify their reserves.
Where was the largest gold deposit found in China?
The largest gold deposit in China, named the Dadonggou deposit, was discovered in the northeastern Liaoning Province.
What is the estimated value of the Dadonggou deposit?
The estimated value of the Dadonggou deposit, at current prices, is approximately 166 billion euro or US$192.9 billion.
Who will be responsible for the development of the Dadonggou mine?
The development of the Dadonggou mine will be a joint project between the China National Gold Group, Liaoning Mineral Geology Group, and the Yingkou Municipal Government.
