🇨🇳 China has announced the discovery of what it claims to be the largest undersea gold deposit in Asia. This significant find is located off the coast of Laizhou in Shandong province and was revealed during a conference by the Yantai Municipal People’s Government.
Officials from the Yantai Municipal People’s Government confirmed earlier this week that the specific subsea site, known as the Sanshan Island (Haiyu) Gold Mine, contains proven cumulative reserves of 562 tonnes.
📈 This discovery increases Laizhou’s total proven gold reserves to over 3,900 tonnes, which is about 26 percent of China’s national total. This positions Laizhou first in the country for both gold reserves and output. To support the extraction of this deposit, which lies at depths of up to 2,000 meters below sea level, the government plans to invest 10 billion yuan ($1.4 billion).
The state-of-the-art facility is expected to process 12,000 tonnes of ore daily, yielding an estimated 15 tonnes of gold annually and providing a significant boost to China’s domestic supply chain.
🔍 This offshore discovery is part of a broader strategy by Chinese authorities to enhance domestic mineral resources through ongoing investment and technological advancements. Recent inland discoveries have also been significant, including a large low-grade gold deposit in Liaoning and another in the Kunlun Mountains near Xinjiang. These findings come at a time when global gold prices have surged, trading near $4,340 per ounce as of mid-December.
According to the report, the undersea gold find forms part of a wider push by Chinese authorities to expand domestic mineral resources through sustained investment and technological upgrades.
💡 China remains the world’s largest producer of gold ore, with an output of 377 tonnes last year. Gold is crucial not only as a financial asset but also as a material in electronics and aerospace manufacturing.