China Confirms Largest Gold Discovery Since 1949 in Liaoning Province

China Confirms Largest Gold Discovery Since 1949 in Liaoning Province
………….

China has confirmed the discovery of its largest gold reserve since 1949 in the northeastern province of Liaoning, estimated at around 1,444 tons, according to the Ministry of Natural Resources, as reported by Khaama Press. The newly identified “Dadonggu” deposit was officially announced on Friday and classified as the most significant single gold find since the establishment of the People’s Republic of China.

Authorities said the site contains roughly 2.586 million tons of ore with an average grade of 0.56 grams per ton, yielding an estimated 1,444 tons of extractable gold. While officials did not reveal the precise location, they noted the deposit lies in eastern Liaoning, a detail that has prompted speculation about strategic considerations linked to the area.

The discovery comes at a time of record global gold prices, influenced by geopolitical tensions, increased central bank purchases, and a softer U.S. dollar. China has intensified mineral exploration nationwide, reporting major gold reserves in Hunan and Gansu provinces earlier in 2024.

The country’s annual gold output reached 377.24 tons. Domestic demand has also surged, with consumption rising to 985.31 tons last year and purchases of bullion and coins climbing more than 24 percent, reflecting growing interest among Chinese consumers in safe-haven assets.