Gold Photo: VCG

China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday. 

After eight years of prospecting, the Xilaokou gold mine has become the largest known gold deposit in the region and the largest discovered in 2023 so far, according to the Shandong Provincial Bureau of Geology & Mineral Resources.

The deposit contains high-quality gold ore, which can be easily mined and refined, according to the local resources department. 

The deposit will help China to expand its gold reserves and support the nation's self-sufficiency in critical resources, said the report.

China has been enlarging its gold reserves and output amid regional geopolitical risks and the global economic downtrend. 

As of the end of February, China's gold reserves stood at 65.92 million ounces (1,869 tons), up 800,000 ounces month-on-month, said the People's Bank of China, China's central bank. 

Shandong is China's largest gold producing area and has the largest reserves of the metal. In 2022, many major gold mines in the province resumed normal operations and recovered to pre-pandemic levels under the premise of safety. 

The Jiaojia gold mine yielded more than 10 tons of gold last year, the highest level of production nationwide, according to the China Gold Association (CGA). 

China's raw gold output in 2022 reached 372.05 tons, an increase of 13.09 percent year-on-year, including 295.42 tons of mined gold, CGA data showed on January 19. China was the world's largest gold producer in 2021, accounting for about 9 percent of global volume, according to the World Gold Council. 

China's gold consumption reached 1,001.74 tons in 2022, down by 10.63 percent year-on-year, according to CGA. 

Global Times