China Discovers Largest Gold Mine in Shandong with 580 Tons of Reserve

SEATTLE (Scrap Monster): The accumulative gold metal reserve of Xiling gold mine in Laizhou, East China’s Shandong Province reached 580 tons after latest detection, becoming China’s largest single structured gold mine, local media press Qilu Evening News reported on Thursday.  

The Natural Resource Department of Shandong Province recently discovered an additional 200 tons of gold resources in the mine, bringing the total accumulative gold reserve to 580 tons, with an estimated economic value of 200 billion yuan. 

The gold metal reserve of Xiling gold mine was also in the front tier in the world, indicating a breakthrough in Shandong’s mineral exploration, said the report. 

Shandong Gold Group Co (SD-Gold), the owner of the Xiling gold mine, had announced in March 2017 that the company detected a huge gold mine with estimated gold metal reserve of over 550 tons, referring to the Xiling gold mine, as confirmed by the China Gold Association (CGA). 

SD-Gold, in collaboration with several top domestic institutes, invested 320 million yuan in the exploration of the gold mine and, after 16 years of painstaking work, unveiled the secrets of the mine, stated Chen Yumin, the president of SD-Gold, in 2017.
 
The northeastern region of Shandong Province is home to the largest gold mine reserves in China, with the highest gold output and reserves nationwide, according to the CGA. 

In the first quarter of 2023, China produced 84.97 tons of raw gold, representing a 1.88 percent increase compared to the previous year. Additionally, China's gold consumption volume reached 291.58 tons, indicating a 12.03 percent year-on-year growth, as reported by the CGA. 

Furthermore, data from the State Administration of Foreign Exchange reveals that China has increased its gold reserves for six consecutive months, with the central bank's gold reserves reaching 66.76 million ounces by the end of April, an increase of 260,000 ounces compared to the end of March.

Courtesy: www.globaltimes.cn