China has confirmed its largest single gold discovery in more than seven decades, after the Ministry of Natural Resources announced the unearthing of the massive Dadonggou deposit. The newly identified site — described as “ultra-large” — is estimated to contain about 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, translating to roughly 1,444 tonnes of gold.
At today’s global prices, the find is valued at over €166 billion, with gold currently trading above €115,000 per kilogram following record surges this year.
The discovery was made by the state-owned Liaoning Geological and Mining Group, which deployed nearly 1,000 experts and workers and completed the exploration within 15 months — an unusually swift timeline for a deposit of this scale. Officials say the site has already passed an initial economic viability review.
Although the government confirmed the deposit lies in eastern Liaoning province, it has not revealed the exact location. The limited disclosure has sparked widespread speculation regarding possible strategic or security considerations.
Discovery Amid a Global Rush for Gold
The announcement comes at a time when global gold demand is soaring. Prices have climbed more than 50% this year, driven by geopolitical tensions, a weakening dollar, and an aggressive wave of gold purchases by central banks — particularly within emerging economies seeking to diversify their reserves.
China has been ramping up mineral exploration nationwide. In 2024 alone, authorities announced a deposit of more than 1,000 tonnes in Hunan province and another exceeding 40 tonnes in Gansu. The country produced 377.24 tonnes of gold in 2024, marking a slight year-on-year rise of 0.56%.
Domestic demand continues to surge, with gold consumption reaching 985.31 tonnes last year. Purchases of bars and coins jumped more than 24% as China’s growing middle class increasingly turns to gold as a safe-haven asset amid global economic uncertainty.