Beijing confirmed the nation’s largest single gold discovery in decades, with newly identified reserves in Liaoning estimated to exceed €166 billion at current market prices.

China’s Ministry of Natural Resources has announced the country’s most significant standalone gold discovery in more than seven decades, revealing that a massive deposit has been identified in the Dadonggou field in eastern Liaoning Province.

In a statement issued on Friday, the ministry reported that geological teams uncovered approximately 2.586 billion tons of ore, containing an average gold grade of 0.56 grams per ton, amounting to an estimated 1,444 tons of gold. Based on current prices, the deposit is valued at over €166 billion, as global gold markets reached record highs this year, surpassing €115,000 per kilogram.

The discovery was made by the state-affiliated Liaoning Geology and Mining Group, which deployed around 1,000 technical staff and field personnel. The exploration phase was completed in just 15 months, a pace considered remarkably fast for a deposit of this scale. Officials described the site as “large but low-grade,” adding that the project has passed its initial economic feasibility assessment.

Authorities confirmed only that the deposit lies in eastern Liaoning, refraining from disclosing its exact coordinates. The limited disclosure has fueled speculation that the location may carry strategic significance.

The announcement comes amid a period of rapidly rising global gold demand. Prices have surged more than 50 percent throughout the year, driven by a weakening U.S. dollar, escalating geopolitical tensions, and increased purchasing by central banks—particularly those in emerging markets seeking to diversify their reserves.

China has intensified its exploration efforts in recent years. In 2024, over 1,000 tons of gold reserves were identified in Hunan, followed by more than 40 tons discovered in Gansu in October. The country produced 377.24 tons of gold in 2024, while domestic consumption grew sharply to 985.31 tons, fueled by a surge of more than 24 percent in demand for bullion and minted gold products.

Analysts note that China’s expanding middle class increasingly views gold as a reliable safe-haven asset amid global economic uncertainty, further boosting domestic demand and reinforcing the strategic importance of new discoveries. (ILKHA)