• China announces largest gold deposit discovery in Liaoning province
• This comes as global gold demand and prices rise

China has announced the discovery of its largest gold deposit since 1949, with estimated reserves of around 1,444 tonnes in Liaoning province

The discovery follows just 15 months of exploration, at a time when gold prices are reaching record highs

China’s Ministry of Natural Resources confirmed the find of the Dadonggou site, the largest single gold discovery in the country since the founding of the People’s Republic

Officials reported that the site contains approximately 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, equivalent to about 1,444 tonnes of gold

At current market prices, this amount is valued at over 179 billion US dollars, with gold trading this year at record levels exceeding 124,000 dollars per kilogram

The ministry described the discovery as “ultra-large” but low-grade, noting that it has already passed an initial economic feasibility assessment

However, authorities did not disclose the exact location beyond confirming it is in eastern Liaoning province, prompting speculation about strategic considerations behind the limited disclosure

The find comes amid rising global demand for gold, with prices increasing more than 50% this year due to a weaker dollar, geopolitical tensions, and strong central bank purchases, particularly in emerging economies seeking to diversify reserves

In recent years, China has accelerated mineral exploration efforts, reporting in 2024 a deposit of over 1,000 tonnes in Hunan province and another exceeding 40 tonnes in Gansu in October

China produced 377.24 tonnes of gold in 2024, a slight increase of 0.56% from the previous year

Domestic consumption reached 985.31 tonnes in 2024, with demand for bars and coins rising more than 24% compared to the previous year. Analysts say this reflects growing interest among China’s expanding middle class in safeguarding wealth amid global economic uncertainty, making gold an increasingly popular safe-haven asset across the country