China has announced the discovery of the largest gold reserves in the country’s history.
According to Chinese media, the Ministry of Natural Resources termed the find as a major success in mineral exploration and stated that it is the most significant discovery since the founding of the People’s Republic of China.
Officials from the Ministry of Natural Resources said that, for the first time, more than 1,000 tonnes of gold reserves have been confirmed in China. The mine lies in Liaodong in the north-eastern province of Liaoning.
State media reported that the mine contains about 1,444.49 tonnes of gold. The authorities have approved the economic feasibility report, which clears the way for extraction.
At the site, an estimated 2.586 million tonnes of raw ore are present. Each tonne contains an average of 0.56 grams of gold, amounting to a total of about 1,444 tonnes. At current global market prices, the value of this quantity stands at €166 billion.
The value in Pakistani currency stood at Rs54.78 trillion. The state-owned Liaoning Geological and Mining Group completed the project, with the involvement of 1,000 experts and workers.
