China Uncovers Massive Underwater Gold Reserves Off Shandong Coast

Significant Boost to National Gold Reserves

China has made a groundbreaking discovery of its first underwater gold deposits off the coast of Laizhou in Yantai, Shandong Province. This find has been hailed as the largest in Asia and significantly boosts the region's gold reserves. The discovery has increased Laizhou's total proven gold reserves to over 3,900 tons (approximately 137.57 million ounces), accounting for about 26% of China's total gold reserves. This positions Laizhou as the largest gold reserve and production area in China.

Part of Larger Gold Discovery Trend

This underwater find is not an isolated incident but part of a series of significant gold discoveries in China recently. In the previous month, China announced the discovery of its first super-large low-grade gold deposit in Liaoning Province, with confirmed reserves of 1,444.49 tons (about 50.95 million ounces). This was described by China's Ministry of Natural Resources as the largest single gold deposit discovered since the founding of the People's Republic of China in 1949. Additionally, officials reported finding gold reserves exceeding 1,000 tons (approximately 35.27 million ounces) in the Kunlun Mountains near the western border of Xinjiang Uygur Autonomous Region.

Historical Context and Future Implications

The Shandong Province, particularly the Jiaodong Peninsula, is known as one of the world's three largest gold mining belts. In November 2023, it was reported that the province accounted for about a quarter of China's total gold reserves, with over 3,500 tons (approximately 123.46 million ounces) identified in the region. The recent underwater discovery in Laizhou further solidifies this region's status as a gold reserve hotspot. While the exact size of the underwater gold deposit was not disclosed, its addition to the existing reserves underscores China's potential to have far larger gold reserves than previously estimated.

Economic and Industry Impact

These successive discoveries are likely to have significant implications for China's gold mining industry and potentially its economy. The increased gold reserves could strengthen China's position in the global gold market and provide additional resources for economic development. The discoveries also highlight China's advancing capabilities in mineral exploration, particularly in challenging environments such as underwater deposits.