The total amount of ore is 2.586 million tons with an average gold content of 0.56 grams per ton, which ultimately yields 1,444 tons of the precious metal. The estimated value of this amount of gold exceeds 166 billion euros, while the price of gold has reached record levels, exceeding 115,000 euros per kilogram.
The project was implemented by the Liaoning Geological and Mining Group, which involved about 1,000 specialists and completed the work in an astonishingly short time. The ministry characterized this deposit as "super-large," but did not disclose the exact coordinates of its location, only indicating the eastern part of Liaoning.
The discovery occurred at an important moment for the gold market, as its price has increased by more than 50% this year due to the weakening dollar, geopolitical instability, and active purchases by central banks, especially in developing countries seeking to diversify their reserves.
China continues to strengthen its geological exploration operations. In 2024, a deposit of over 1,000 tons was found in Hunan, and in October, authorities in Gansu reported a new find with reserves of over 40 tons. In the same year, the country mined 377.24 tons of gold, which is 0.56% more compared to 2023.
As for domestic consumption, in 2024 it amounted to 985.31 tons, with demand for bars and coins increasing by more than 24% compared to the previous year. This indicates the desire of China's growing middle class to preserve the value of their assets amid global economic instability, making gold an increasingly attractive asset for the country's citizens.
