Monday, June 5, 2023

China has discovered a huge gold mine in Shandong

According to a Global Times review, China announced the discovery of gold reserves of more than 580 tons with an estimated economic value of 200 billion yuan.

According to the report, the gold metal reserve of Xiling gold mine also ranks first in the world, indicating the breakthrough in mineral exploration of Shandong.

Shandong Gold Group Company (SD-Gold), the owner of the Xiling gold mine, announced in March 2017 that the company had discovered a huge gold mine with estimated gold metal reserves of over 550 tonnes. , referring to the Xiling gold mine. as confirmation. by the China Gold Association (CGA).

SD-Gold invested 320 million yuan in gold mine exploration together with several key national institutions and revealed the secrets of the mine after 16 years of hard work, SD-Gold chairman Chen Yumin said in 2017.

According to the CGA, the northeastern region of Shandong province is home to China’s largest gold mine reserves, with the largest production and reserves of gold in the entire country.

The CGA reported that China’s gold consumption reached 291.58 tonnes, showing a year-on-year increase of 12.03 per cent.

In addition, data from the State Administration of Foreign Exchange showed that China has increased its gold reserves for six consecutive months, with the central bank’s gold reserves reaching 66.76 million ounces at the end of April. An increase of 260,000 ounces compared to the end of 2015. ,

Nation World News Desk
Nation World News Desk
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