China discovers its largest gold deposit since 1949

China has discovered the country’s largest reservoir of gold since 1949. This appears to be a jackpot as gold has surged to record prices in recent years and a 1,444 tonnes deposit of gold could be worth around $200 billion.

The Ministry of Natural Resources confirmed the discovery that took nearly 15 months of effort in Liaoning province on Friday. 

The single largest gold find since the founding of the People's Republic of China is named Dadonggou deposit.

The mining effort was carried out by government sponsored Liaoning Geological and Mining Group, which deployed a team of nearly 1000 experts for the discovery.

The exact location of the site is being kept under wraps due to strategic considerations. 

However, the ministry has revealed an “ultra-large and low-grade” deposit is in eastern Liaoning province, adding that it has passed the initial economic feasibility test.

According to Euro News, the gold prices have increased by more than 50 per cent this year and demand for bars and coins in China has increased by more than 24 per cent year-on-year.

China intensified the efforts in mineral exploration in 2024 and since then, several deposits have been discovered across the country, such as 1,000 tonnes in Hunan province and 40 tonnes in Gansu.

Due to geopolitical tensions and economic uncertainty, gold has become an increasingly popular safe-haven investment across the globe.