The Department of Natural Resources of east China’s Shandong Province reported the discovery of an additional 200 tons of gold at the Xiling Mine in Laizhou City, the Global Times reported Thursday.
The latest discovery brings the total cumulative gold reserves of the mine to 580 tons, making it the largest single gold stock in the country, with an estimated economic value of 200 billion yuan (US$28.54 billion).
The Shilling gold mine is 1,996 meters long and 2,057 meters wide, with a maximum thickness of 62.35 meters, and provides an average of 4.26 grams per ton. It is estimated that the deposit will be able to produce about 10,000 tons of gold per day over the next 30 years.
More than 180 holes have been drilled over 300,000 meters to discover gold reserves in his company’s mine, said Feng Tao, deputy general manager of Shandong Gold Group, noting that one of the holes is about 4,000 meters deep, “which is a precedent for drilling with a small diameter” in Chinese territory. .
The China Gold Association (CGA) said that the northeastern Shandong region has the largest gold mine reserves in China, and the most abundant gold-producing and deposits in the entire country.
According to CGA data, China produced 84.97 tons of gold ore in the first quarter of this year, an increase of 1.88% over the previous year. He also explained that the volume of gold consumption at the national level amounted to 291.58 tons, which indicates an annual growth of 12.03%.
On the other hand, Shandong Gold produced 38.7 tons of gold last year, which is 13.1% of the total production in China. The company expects to produce at least 39.6 tons this year.
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