China announces major gold discovery ...News

The economic value of the country’s largest single deposit of the precious metal is estimated at almost $28.5 billion Chinese state-run gold producer Shandong Gold Mining announced on Friday that its controlling shareholder had discovered an additional 200 tons of gold resources at the Xiling gold mine in Laizhou in Shandong Province in eastern China. The discovery brings the total cumulative gold reserve of the mine to 580 tons, making it the country’s largest deposit of the precious metal, with an estimated economic value of 200 billion yuan ($28.5 billion). The Xiling gold mine is nearly 2,000 meters long and j

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