China confirms $22bn gold discovery

The Shandong Gold Group this week confirmed that it has discovered what is thought to be China’s largest gold deposit in the eastern  district of Xilin. According to the Group, the 2,000m deposit contains 382.58 tons of high-quality gold with a potential value of more than $22bn and represents around 20% of China’s entire gold reserves.
In 2015, China was established as the country with the world’s  fifth largest gold reserves in the world (behind the US, Germany, Italy and France) when it recorded a 57% jump in deposits over  a six-year period  after it announced that it had discovered  large deposits – at the time estimated to be even bigger than those just confirmed in Xilin – beneath the bed of the  East China Sea. 

Source: chinadaily