China surprises the world with its biggest gold find ever! A mine valued at 28.5 billion dollars

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Inspenet, May 20, 2023

The Natural Resources Department of east China’s Shandong province reported the discovery of an additional 200 tons of gold at the Xiling mine in the city of Laizhou, the Global Times reported.

The recent find brings the mine’s total cumulative gold reserve to 580 tons, making it the largest single gold deposit in the country, with an estimated economic value of 200 billion yuan (28.54 billion U.S. dollars).

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A colossal Chinese mine: Learn about the dimensions and figures that make Xiling an unprecedented gold reserve

The Xiling gold mine measures 1,996 meters long by 2,057 meters wide, with a maximum thickness of 62.35 meters, providing an average of 4.26 grams per ton. According to estimates, the deposit will be able to produce around 10,000 tons of gold per day for the next 30 years.

The deputy general manager of Shandong Gold Group, Feng Tao, explained that, to discover the gold reserves in his company’s mine, more than 180 wells were drilled along 300,000 meters, noting that one of the drilling holes is approximately 4,000 meters deep, “a precedent for small diameter drilling” in Chinese territory.

The China Gold Association (CGA) said the northeastern Shandong region has the largest gold mine reserves in China, and the most abundant gold production and deposits in the entire country. .

According to CGA data, China produced 84.97 tons of raw gold in the first quarter of this year, representing an increase of 1.88% over the previous year. Likewise, he explained that the volume of gold consumption at the national level reached 291.58 tons, which indicates an interannual growth of 12.03%.

On the other hand, the Shandong Gold company produced 38.7 tons of gold last year, corresponding to 13.1% of total production in China. The firm expects to produce no less than 39.6 tons this year.

Source : https://actualidad.rt.com/actualidad/467671-china-anuncia-descubrimiento-mayor-reserva-oro

Photos : Shutter Stock

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