China announced that the largest gold deposit discovered in the country since 1949 has been found. It is estimated to contain 1,444 tons of reserves in Liaoning province. The discovery, completed in just 15 months, occurred during a period when gold prices reached record levels.
The Ministry of Natural Resources of China confirmed the discovery of the Dadonggou deposit on Friday. This is the largest gold discovery reported in the country since the founding of the People’s Republic of China in 1949. Officials state that there is an estimated 2,586 million tons of ore on site with an average grade of 0.56 grams per ton, which corresponds to about 1,444 tons of gold.
At current prices, this amount of gold is valued at over 166 billion euros. Gold hit record levels this year, trading at over 115,000 euros per kilogram.
The project was carried out by the state-owned Liaoning Geological and Mining Group, which assigned approximately 1,000 technicians and workers and completed the discovery in only 15 months; this is an unusually short period for a deposit of this size.
The ministry described the find as “very large” but low-grade, and stated that it passed an initial economic feasibility assessment.
However, officials did not go beyond confirming that the site is in eastern Liaoning province and did not disclose the exact location of the deposit, leading to speculation about the strategic reasons behind this limited disclosure.
China has accelerated its mining exploration in recent years. Authorities reported that over 1,000 tons were discovered in Hunan province in 2024, and in October, a reserve of over 40 tons was found in Gansu. The country produced 377.24 tons of gold in 2024, an increase of 0.56% compared to the previous year.
Domestic consumption reached 985.31 tons in 2024, while demand for bars and bullion increased by more than 24% year-on-year. Analysts say this trend reflects China’s growing middle class’s increasing interest in protecting their wealth amid global economic uncertainty, making gold an increasingly popular safe haven across the country.
