According to RT, in China, state-owned gold producer Shandong Gold Mining has just announced that its shareholders have discovered an additional 200 tons of gold at the Xiling mine, Shandong province, eastern China.

This discovery brings the total accumulated gold reserves of the mine to 580 tons, making it the largest precious metal mine in China. Specifically, the Xiling mine will have an estimated economic value of about 200 billion yuan ($28.5 billion).

This gold mine has a length of 1,996 meters and a width of 2,057 meters with a maximum thickness of 62.35 meters. The average density of gold ore is 4.26 grams of gold/ton. The Tay Lang mine is estimated to be able to produce 10,000 tons of gold ore per day for the next 30 years.

“We have drilled more than 180 holes over 300,000 meters. One of the boreholes is 4,006.17 meters deep – a precedent for small diameter drilling in our country,” said Feng Tao, deputy general manager of Shandong Gold Mining – the company that owns the gold mine. .

In March, China also announced the discovery of a huge gold mine with reserves of nearly 50 tons, worth an estimated $ 3 billion. The discovery was made in Nhushan, also in Shandong province.

According to the China Gold Association, the northeast region of Shandong is home to China’s largest gold mine reserves. In the first quarter of 2023, the country produced 84.97 tons of raw gold, up 1.88% year-on-year.

Meanwhile, the country’s gold consumption reached more than 291 tons, up 12% over the same period last year.