The Ministry of Natural Resources of east China’s Shandong Province announced the discovery of another 200 tons of gold at the Xiling mine in the city of Laizhou, the Global Times reported on Thursday.
The latest find brings the mine’s total accumulated gold reserves to 580 tons, making it the country’s largest single gold deposit with an estimated economic value of 200 billion yuan (US$28.54 billion).
The Xiling gold mine is 1,996 meters long and 2,057 meters wide with a maximum width of 62.35 meters averaging 4.26 grams per tonne. It is estimated that the deposit will be able to produce around 10,000 tons of gold per day over the next 30 years.
Feng Tao, deputy general manager of Shandong Gold Group, said more than 180 holes were drilled over 300,000 meters to discover gold reserves at his company’s mine. One of the wells is about 4,000 meters deep, “a precedent for small-diameter drilling.” Chinese territory.
The China Gold Association (CGA) said the northeastern Shandong region has the largest gold mining reserves in China and the richest gold production and reserves in the country.
According to CGA data, China produced 84.97 tons of raw gold in the first quarter of this year, up 1.88% year-on-year. He also stated that the volume of gold consumption at the national level reached 291.58 tons, indicating a year-on-year growth of 12.03%.
On the other hand, the Shandong Gold company produced 38.7 tons of gold last year, accounting for 13.1% of China’s total production. The company expects to produce no less than 39.6 tons this year.