Major underwater gold discovery strengthens China’s mining base

China has discovered its first-ever underwater gold deposit near Laizhou, off the coast of Yantai in Shandong province. Authorities have described it as the largest undersea gold find in Asia, according to the South China Morning Post. Chinese media did not disclose the exact size of the deposit.

The new find has lifted Laizhou’s proven gold reserves to more than 3,900 tonnes, or about 137.6 million ounces. This now makes up roughly 26 per cent of China’s total confirmed gold reserves. The Yantai city government said the discovery further strengthens Laizhou’s position as the country’s top region for both gold reserves and output.

China is already the world’s largest producer of gold ore. Data from the China Gold Association shows the country mined about 377 tonnes, of gold last year. However, despite leading global production, China still lags behind countries such as South Africa, Australia and Russia in terms of total proven reserves.

The underwater discovery follows another major gold find announced last month. China revealed a super-large, low-grade gold deposit in Liaoning province in the northeast, with confirmed reserves of 1,444.49 tonnes. The Ministry of Natural Resources said it was the largest single gold deposit found since the founding of the People’s Republic of China in 1949.

The Liaoning discovery was also reported to be the third gold deposit of over 1,000 tonnes identified in China within the past year, highlighting a sharp rise in major finds.