BEIJING (Kashmir English): China has announced the discovery of its largest gold reserves in the country’s history.
According to Chinese media, the find is the most significant discovery in mineral exploration.
The Ministry of Natural Resources termed the find as a major success in mineral exploration and stated that it is the most significant discovery since the founding of the People’s Republic of China.
Ministry of Natural Resources officials said that, for the first time, more than 1,000 tonnes of gold reserves have been confirmed in the country.
Mine contains about 1,444.49 tonnes of gold
The mine lies in Liaodong in the north-eastern province of Liaoning. According to state media, the mine contains about 1,444.49 tonnes of gold.
The authorities have approved the economic feasibility report, which clears the way for extraction, the state media reported.
At the site, an estimated 2.586 million tonnes of raw ore are present with each tonne containing an average of 0.56 grams of gold. The metal roughly amounts to a total of about 1,444 tonnes. At current global market prices, the value of this quantity stands at €166 billion.
The state-owned Liaoning Geological and Mining Group completed the project, with the involvement of 1,000 experts and workers.
The value of the find in Pakistani currency roughly stands at Rs54.78 trillion.
