China has announced the discovery of Asia's largest undersea gold deposit. It is located off the country's northeastern coast, near the Shandong Peninsula, and is estimated to contain hundreds of tons of the precious metal, writes South China Morning Post.
Illustrative photo. Photo: vecteezy.com
According to Chinese authorities, this discovery has significantly increased the total confirmed gold reserves in the area of Laizhou city-county — they now exceed 3900 tons.
Thus, the region has taken first place in the country both in terms of reserves and gold production, accounting for about a quarter of all gold resources in China. However, the exact volume of the underwater deposit itself has not yet been disclosed.
In recent years, China has been actively developing geological exploration: since 2021, about $64 billion has been invested in this area, resulting in the discovery of about 150 new mineral deposits. The new find indicates that the actual gold reserves in the country may be significantly larger than previously thought, especially amidst rising global prices for this metal.
China remains the world's largest gold ore producer — 377 tons were mined in the country last year. However, in terms of confirmed gold reserves, it still lags behind South Africa, Australia, and Russia.
Gold is important not only as a means of protection against financial risks but also as a strategic material for industry, including electronics and aerospace.
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