Massive gold deposit worth $200B discovered in China
China uncovers largest gold deposit since 1949 (illustrative photo) (Photo: azernews.az)
China has announced the discovery of its largest gold
deposit since 1949, located in Liaoning Province, Euronews
reported on Nov. 14.
The Dadonggou site contains an estimated 2.586 billion tons
of ore with an average grade of 0.56 grams per ton — totaling approximately
1,444 tons of gold.
“At current prices, that volume is worth more than €166
billion (over $192 billion),” the report said. “Gold prices this year have hit
record highs, exceeding €115,000 per kilogram.”
China’s Ministry of Natural Resources labeled the find
“ultra-large” and said it has already passed a preliminary economic feasibility
assessment.
The discovery was made by the state-run Liaoning Geological
and Mineral Exploration Group, which deployed nearly 1,000 technicians and
workers. The survey was completed in just 15 months — an unusually short
timeframe for a deposit of this scale, according to the report.
“The discovery comes amid rising demand for gold,” Euronews
noted. “Prices have climbed more than 50% this year due to a weakening dollar,
geopolitical tensions, and aggressive buying by central banks — especially in
developing countries looking to diversify their reserves.”
Earlier in 2024, China also reported a deposit of over 1,000
tons in Hunan Province, and in October, another find of more than 40 tons in
Gansu Province.
In 2024, China mined 377.24 tons of gold — up 0.56% from
2023. Domestic gold consumption reached 985.31 tons, with demand for bullion
and coins jumping more than 24% year over year.
According to the Financial Times, China’s real gold
purchases may exceed official figures by more than tenfold.
Official data shows the People’s Bank of China acquired only
6 tons of gold between June and August 2025 — about 1.9 to 2.2 tons per month.
But market analysts aren’t buying it.
Société Générale estimates China’s actual gold purchases
could hit 250 tons this year — over one-third of total central bank demand
worldwide. Meanwhile, Bruce Ikemizu, director of the Japan Bullion Market
Association, believes China’s true gold reserves are closer to 5,000 tons —
twice the officially declared level.
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