USD $4,136.96
Goldman Discovery off Shandong coast adds over 3,900 tonnes to national gold reserves
China has discovered the largest undersea gold deposit in Asia, located off the coast of Laizhou in Yantai, Shandong province. The find boosts Laizhou’s proven gold reserves to more than 3,900 tonnes—accounting for approximately 26% of China’s total reserves. This makes it the leading city in the country for both gold reserves and output.
The announcement was made by Yantai’s city government during a recent conference outlining its achievements in the current five-year development plan. However, officials did not disclose the exact size of the undersea deposit. The find is considered part of a broader trend indicating China’s gold reserves may be substantially larger than earlier estimates.
This follows a series of recent gold discoveries in China. In November 2023, Shandong province reported that over 3,500 tonnes had been identified on the Jiaodong Peninsula—home to the world’s third-largest gold mining belt.
Last month, the government confirmed the discovery of China’s first large-scale, low-grade gold deposit in Liaoning province, with 1,444.49 tonnes of reserves in the Kuandian region. Another major deposit was located in the Kunlun Mountains, Xinjiang, with reserves exceeding 1,000 tonnes.
China remains the world’s top gold producer, with output reaching 377 tonnes in 2024, according to the China Gold Association. However, the country trails South Africa, Australia, and Russia in overall gold reserves.
In parallel with exploration, China is investing heavily in technological innovation for mining. New tools include artificial intelligence, remote sensing, and ground-penetrating radar. Among recent breakthroughs is the identification of a new mineral—Jinxinite—by Chinese researchers. Recognised by the International Mineralogical Association, Jinxinite contains metals vital to sectors such as aerospace, chemicals, and battery production.
In 2024, China invested 115.99 billion yuan (HK$128.13 billion) in geological exploration. Since the launch of the current five-year plan in 2021, mineral exploration spending has neared 450 billion yuan, resulting in the discovery of over 150 major mineral deposits.
The ongoing discoveries come as global gold prices remain elevated, driven by inflation, geopolitical tensions, and increased central bank purchases—particularly among emerging markets.
At midday yesterday, the spot price of gold stood at US$4,338.31 per ounce.
