One of Asia’s largest underwater gold deposits has been discovered by China, a significant breakthrough as the country has been exploring for precious metals for several years. The discovery of this gold deposit marks a major milestone. According to the South China Morning Post (SCMP), this massive gold deposit was found off the coast of Laizhou in Yantai, Shandong Province. With this new discovery, Laizhou’s total gold reserves have exceeded 3,900 tons, representing approximately 26% of the country’s total reserves.
With the new discovery, China has been able to top both gold reserves and production. The Yantai Provincial government made the announcement this week at a conference on its achievements during the current five-year plan and its future plans. China has not yet revealed the exact size of the underwater gold deposit. This is China’s second major gold discovery in the past month.
Second Discovery in the Month
As per an SCMP report, earlier in November, a super-large low-grade gold deposit of more than 1,444 tonnes was announced in Liaoning Province, said to be the largest single gold deposit since the founding of Communist China in 1949.
In addition, gold reserves estimated at more than 1,000 tonnes were also reported to be found in the Kunlun Mountain range near Xinjiang. Notably, the Jiadong Peninsula is already considered the world’s third-largest gold mining belt, where close to a quarter of China’s total reserves are located.
China: World’s Largest Gold Producer
As per the China Gold Association, last year the country produced more than 377 tons of gold. Despite leading in production, China still lags behind South Africa, Australia, and Russia in terms of proven reserves. New discoveries can help narrow this gap.
Chinese scientists are now using artificial intelligence, the world’s most powerful ground-penetrating radar, and state-of-the-art mineral exploration satellites. Last year, China invested 116 billion Yuan for this purpose, with total expenditure since 2021 reaching approximately 450 billion Yuan.
