Shandong Gold Says It May Have Found China's Biggest Gold Mine
Duncan Richardson, News Editor
30 Mar 2017, 10:36 a.m.
China’s second largest gold producer the Shandong Gold Group Co have discovered China’s largest ever gold mine in the North East province of Laizhou-Zhaoyan.
Initial reports estimate that the deposit could yield 382 tons of yellow metal over the next 40 years. The mine is expected to produce 4.52 grams of gold for every ton and is 67 metres wide and over 2 kilometres in length.
China has the fifth largest gold reserves in the world after the United States, Germany, Italy, and France. The mine is expected to increase the country's gold reserves by 20% to over 2,000 tons of gold. The mining industry in China is largely state owned and the government is diverting public money into exploration with the aim of increasing their sovereign reserves to 14,000 tonnes by 2020.
As well as being the world’s largest consumer of gold China is also the world’s largest gold miner after over taking South Africa in 2007.