Release date
China’s Ministry of Natural Resources confirmed the discovery of the Dadonggou deposit on Friday. This is the largest single gold discovery reported in the country since the founding of the People’s Republic in 1949. Officials say the site contains an estimated 2,586,000 tonnes of ore with an average grade of 0.56 grams per tonne, equivalent to approximately 1,444 tonnes of gold.
At current prices, that amount of gold is worth more than 166 billion euros. Gold has reached record levels this year, trading for more than 115,000 euros per kilogram.
The project was carried out by the state-run Liaoning Geology and Mining Group, which sent around 1,000 engineers and workers to complete the exploration in just 15 months. This is an unusually short period for a deposit of this size.
The ministry described the discovery as “extremely large” but modest, and said it had already passed an initial economic feasibility assessment.
But authorities have not revealed the exact location of the site, only confirming it is in eastern Liaoning province, prompting speculation about strategic considerations behind the limited release.
Safe assets in turbulent times
The discovery comes at a time when demand for gold is skyrocketing. Prices have risen more than 50% this year due to a weak dollar, geopolitical tensions and strong buying by central banks, especially in emerging countries looking to diversify their foreign exchange reserves.
China has accelerated its mineral exploration efforts in recent years. In 2024, authorities reported that more than 1,000 tons of mineral deposits were discovered in Hunan province, and in October, more than 40 tons of mineral deposits were also discovered in Gansu province. The country’s gold production in 2024 was 377.24 tons, an increase of 0.56% from the previous year.
Domestic consumption reached 985.31 tons in 2024, with demand for bullion and coins increasing by more than 24% year-on-year. Analysts say the trend reflects the growing interest of China’s expanding middle class in protecting their wealth amid global economic uncertainty, and the growing popularity of gold as a safe-haven asset across the country.