China has announced the discovery of the largest gold deposit found in the country since 1949, with an estimated 1,444 tonnes of reserves in Liaoning province. The find, completed in just 15 months, comes as gold prices hit record highs.

This is the largest single gold find reported in the country since the founding of the People’s Republic in 1949. Officials say the site contains an estimated 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, amounting to around 1,444 tonnes of gold.

At current prices, that volume of gold is worth more than €166bn. Gold has reached record levels this year, trading at more than €115,000 per kilogram.

The project was carried out by the state-run Liaoning Geological and Mining Group, which deployed nearly 1,000 technicians and workers and completed the exploration in just 15 months – an unusually short period for a deposit of this size.

The ministry has described the find as “ultra-large” but low-grade, and said it has already passed an initial economic feasibility assessment.

The discovery comes during a period of surging demand for gold. Prices have risen by more than 50% this year, fuelled by a weaker dollar, geopolitical tensions and strong buying by central banks – particularly in emerging economies looking to diversify their reserves.

Source: Euronews

Image: Christophe Meneboeuf