China discovers giant gold mine reserve, accounting billions of dollars

A total of 168 tons of gold reserves across three mining sites were discovered in China, marking a significant boost to the nation’s resource base, the Chinese Ministry of Natural Resources reports.

According to the China Geological Survey under the ministry, the newly identified reserves include 102.4 tons from the Anbali North mining area in Gansu Province, 41.3 tons from the Hadamengou mining area in the Inner Mongolia Autonomous Region and 24.3 tons from the Baoxinggou mining area in Heilongjiang Province.

The estimated value of the discovered reserves stands at approximately $13 billion, based on current market prices.

China’s growing gold mine discoveries

This recent announcement follows the discovery in November last year of over 1,000 tons of gold reserves in the Wangu Goldfield, located in Pingjiang County, Hunan Province, representing the largest gold reserve discovery ever recorded in the world.

The Chinese government has been intensifying its efforts to locate critical mineral resources through increased investments and exploration initiatives.

Earlier this month, authorities reported the discovery of a rare earth element deposit in Yunnan Province, estimated at 1.15 million tons.

China remains a global leader in gold production, accounting for 10% of the world’s output in 2023. According to the World Gold Council, China holds 2,264 tons of gold reserves, making it the fifth-largest holder worldwide. Meanwhile, the Chinese central bank continued its gold acquisitions in November reportedly, especially following Donald Trump’s election victory in the U.S.

These reserves play a vital role in bolstering the economy and supporting currency value through robust asset backing.