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Updated 22:18 21/02/20

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Huge gold mine discovered in China’s Xinjiang Province

Duncan Richardson, News Editor
4 Aug 2014, 11:28 a.m.

According to Chinese state news agency, Xinhua, geologists have found a significant gold deposit in the Eastern province of Xinjiang.

Chinese geologists believe the site near the Kyrgyzstan border will yield 127 tonnes gold, if correct the site would be worth £3.8bn. Miners have been exploring the Xinjiang district for the last 20 years have discovered over 21 gold belts.

The gold mining industry has slashed exploration costs by 29% since the start of the economic crisis so this latest find is a rare success.

China has been the world’s largest gold miner since 2007 and is expected to mine a total 541 tonnes in 2014.

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