As reported by RT, Shandong Gold Mining, a state-owned gold producer in China, has announced the discovery of an additional 200 tons of gold at the Xiling mine in Shandong province, located in eastern China.

This finding has expanded the mine’s gold reserves to 580 tons, establishing it as the country’s largest producer of precious metals. Economically, the Xiling mine is valued at approximately 200 billion yuan ($28.5 billion).

The Xiling gold mine, with dimensions of 1,996 meters in length and 2,057 meters in width, has a maximum thickness of 62.35 meters. The average density of gold ore found within the mine is reported to be 4.26 grams per ton.

Based on estimates, the Tuy Lung mine has the potential to produce a substantial amount of gold ore. Its capacity is projected to reach 10,000 tons per day, and this production rate is expected to be sustained for the next 30 years.

“We have drilled over 180 holes, totaling 300,000 meters. Notably, one of the boreholes reached a depth of 4,006.17 meters, marking a significant achievement for small diameter drilling within our country,” stated Feng Tao, Deputy General Manager of Shandong Gold Mining, the company that owns the gold mine.

In March, China unveiled the discovery of a vast gold mine with nearly 50 tons of reserves, valued at an estimated $3 billion. The mine was found in Nhushan, also located in Shandong province.

According to the China Gold Association, the northeast region of Shandong is home to China’s largest gold mine reserves. In the first quarter of 2023, the country produced 84.97 tons of raw gold, up 1.88% year-on-year.

Meanwhile, the country’s gold consumption reached more than 291 tons, up 12% over the same period last year.