by PENG Peng
China has discovered its largest standalone gold deposit in more than seven decades, state broadcaster CCTV reported on Friday, citing the Ministry of Natural Resources. The find, located in the northeastern province of Liaoning, contains an estimated 1,444 tons of proven gold resources.
The deposit, known as Dadonggou, is a low-grade ore body suitable for open-pit mining. Authorities said the site has been assessed as economically viable. The ministry added that nearly 1,000 workers were deployed during peak exploration, allowing the project to be completed in about 15 months.
The discovery follows earlier remarks by XU Dachun, vice minister of natural resources and head of the China Geological Survey, who said in September that the deposit was approaching 1,500 tons, placing it among China's largest gold resources after the Jiaodong cluster in Shandong.
China has reported several notable discoveries this year as exploration spending increases. In October, authorities in Gansu said a new site in Yumen held more than 40 tons of gold, while surveys in Gansu, Inner Mongolia and Heilongjiang added another 168 tons earlier in the year. A government report said China invested nearly 116 billion yuan (about US$16billion) in geological exploration in 2024.
Gold prices have repeatedly hit record highs this year amid strong investment demand and expectations of lower U.S. interest rates.
China's gold consumption fell 8% in the first three quarters of 2025 to 683 tons, data from the China Gold Association showed. Demand for bars and coins rose sharply, but jewelry sales dropped by about a third.
The People's Bank of China added to its gold reserves for a 12th straight month in October, lifting holdings to 74.09 million ounces.
Analysts said that despite higher long-term price targets from institutions such as Bank of America, the market may still face short-term corrections after the recent sharp gains.
