China’s Largest Gold Mine Discovered in Shandong
The biggest Chinese gold deposit has been found in the country’s eastern Shandong Province - this according a statement released by the Shandong Gold Group, one of the country's largest producers.
A total of 382.58 tons of gold reserves have already been detected, with an estimated potential of 550 tons to be exploited by 2019, the group said in a statement, adding that it would make the discovery China’s largest gold mine.
At the current spot market price of $1,251 an ounce, the gold deposits could be worth more than $22 billion (150 billion yuan).
Life of mine is estimated to be 40 years, if production is set on a scale of 10,000 tons every day.
The Xiling gold deposit is located in Laizhou-Zhaoyuan — largest gold producing region in China.
The discovery comes as Chinese gold companies are starting to invest more in exploration, with the Ministry of Industry and Information Technology pushing to increase reserves to 14,000 tons by 2020.