China’s Ministry of Natural Resources confirmed the discovery of the Dai Dong Cau gold mine in Liaoning province, northeast China, on 14/11. This site holds approximately 2,586 million tons of gold ore with an average grade of 0,56 g per ton, amounting to about 1,444 tons of gold. At current market prices, this volume of gold is valued at nearly 193 billion USD.

The Liaoning Geological and Mining Group conducted the Dai Dong Cau gold mine exploration project. The effort involved 1,000 technicians and workers. The survey was completed in 15 months, a record short period for a gold mine of this size.

An exploration drilling site at the Dai Dong Cau gold mine, Liaoning province, northeast China, on 14/11. Photo: China’s Ministry of Natural Resources

Chinese authorities have not disclosed the mine’s exact location, only confirming it lies in eastern Liaoning province.

China’s discovery of this new gold mine coincides with a significant surge in global gold prices. Gold prices have risen over 50% this year, driven by a weak USD, geopolitical tensions, and robust purchasing by central banks. Emerging economies, in particular, are actively diversifying their reserves, contributing to this trend.

Beijing has intensified its mineral exploration efforts in recent years. Last year, the country discovered a gold mine with over 1,000 tons of reserves in Hunan province and another containing over 40 tons in Gansu. China produced 377,24 tons of gold last year, marking a 0,56% increase from the previous year.

Domestic gold consumption in China reached 985,31 tons in 2024, with demand for gold bars and coins increasing over 24% compared to the same period last year. Analysts suggest this trend indicates a growing interest among China’s middle class in securing assets amid global economic instability, making gold an increasingly popular safe haven asset.

Vu Hoang (According to Euronews, AFP, Reuters)