• China announces discovery of new gold deposits near Shandong
• Authorities described it as the largest of its kind in Asia

China announced the discovery of its first underwater gold deposits in its history, near the city of Laizhou off the coast of Yantai in Shandong Province.

It was described as the largest underwater gold discovery in Asia, according to local media.

Chinese authorities did not reveal the exact size of the discovery, but this development raised confirmed gold reserves in Laizhou to more than 3,900 tons, equivalent to about 137.6 million ounces, or approximately 26% of China’s total confirmed gold reserves.

The government of Yantai city said the new discovery strengthens Laizhou’s position as a leading region in the country in terms of gold reserves and production volume.

China is the world’s largest producer of gold ore, with the China Gold Association reporting that the country extracted about 377 tons of gold last year.

However, China still lags behind countries like South Africa, Australia, and Russia in terms of total confirmed reserves.

This offshore discovery comes after another announcement last month about the discovery of giant low-grade gold deposits in Liaoning Province in the northeast of the country, with confirmed reserves of 1,444.9 tons.

The Ministry of Natural Resources confirmed that this discovery is considered the largest single gold deposit officially recognized since the founding of the People’s Republic of China in 1949.

Reports indicated that the Liaoning discovery is the third gold deposit with reserves exceeding one thousand tons announced in China within a single year, reflecting a notable acceleration in the pace of major discoveries.