China has confirmed the discovery of 1,440 tonnes of gold in Liaoning province, a reserve worth over €166 billion at current gold prices. The Dadonggou deposit is the largest gold discovery since 1949 and one of the most important worldwide in terms of volume. The project was led by the Liaoning Geological and Mining Group, which mobilised around 1,000 professionals to complete the study and exploration in just 15 months. China’s Ministry of Natural Resources has classified the deposit as ‘ultra-large’ and low-grade, indicating an average concentration of 0.56 grams of gold per tonne of ore extracted
The discovery of the Dadonggou
The Dadonggou deposit is located in eastern Liaoning, although the authorities have not disclosed its exact location for strategic reasons. According to official data, the site contains 2.586 million tonnes of ore, whose purity of 0.56 grams translates into 1,444 tonnes of gold. This information has already undergone economic evaluation for future exploration.
According to the Chinese Ministry, the investigation included underground studies and advanced vein analyses. This discovery adds to a series of important discoveries that China has made in recent years, such as the 1,000-tonne deposit in Hunan and another 40-tonne deposit in Gansu, both recorded in 2024.
Demand and price of gold have increased
The discovery comes amid growing global interest in gold. In 2024 alone, the price of the metal rose by more than 50%, driven by economic uncertainty, inflation and purchases by central banks in emerging economies. In this scenario, gold has established itself as a safe-haven asset to preserve value in the face of market volatility.
China has not only increased its production, reaching 377.24 tonnes in 2024, but has also seen a sharp increase in domestic consumption. According to official data, domestic demand reached 985.31 tonnes, with a 24% increase in the purchase of bars and coins. This trend reflects the Chinese middle class’s interest in protecting their assets amid an uncertain economic scenario.