2.586 billion tons of gold…a Chinese discovery that may redraw the global mining map

The Chinese Ministry of Natural Resources announced on Friday the discovery of the first very large, low-grade gold deposits in the country’s northeastern Liaoning Province.

The ministry added that estimates indicate that the Dadonggu deposits contain 2.586 billion tons of raw gold, while the total gold resources amount to 1,444.49 tons at an average level of 0.56 grams per ton.

The ministry said that this historic discovery will significantly enhance the country’s strategic reserve of gold, which may create a world-class gold production base to support comprehensive revitalization and high-quality development in the northeast of the country, according to Xinhua.

It is noteworthy that China’s gold reserves amounted to 74.09 million ounces at the end of October, compared to 74.06 million ounces in the previous month, and 72.8 million ounces in the same period last year, an increase of 1.8%.

The value of these reserves of the precious metal amounted to about $297.21 billion, compared to $283.29 billion in September, according to the People’s Bank of China.

China’s consumption of gold declined by 8% during the first nine months of 2025 compared to the same period last year, reaching 683 metric tons, according to what was announced by the China Gold Association.

The association added in its statement that local gold production from raw materials rose by 1.4% on an annual basis to reach 272 tons.

The People’s Bank of China added gold to its reserves in October for the twelfth month in a row.