China confirms $22bn gold discovery


Shandong Gold mineThe Shandong Gold Group this week confirmed that it has discovered what is thought to be China’s largest gold deposit in the eastern district of Xilin. According to the Group, the 2,000m deposit contains 382.58 tons of high-quality gold with a potential value of more than $22bn and represents around 20% of China’s entire gold reserves.
In 2015, China was established as the country with the world’s fifth largest gold reserves in the world (behind the US, Germany, Italy and France) when it recorded a 57% jump in deposits over a six-year period after it announced that it had discovered large deposits – at the time estimated to be even bigger than those just confirmed in Xilin – beneath the bed of the East China Sea. 

Source: chinadaily