What we know about the mega gold deposit has been discovered in a Chinese province worth $190 billion

Like finding a forgotten five-euro bill in an old jacket pocket, China has stumbled upon another gold jackpot. Several deposits have been uncovered in recent months, the most recent prior to this one coming in October. This time, however, the discovery is the largest in the nation’s history, located in Liaoning Province.

Inside this massive deposit lies an estimated 1,444 metric tons of gold - a particularly significant find given the current surge in gold prices, which hit an all-time high in October at $4,379.13 per ounce. Announced by China’s Ministry of Natural Resources, the Dadonggou deposit now ranks as the largest single gold reserve discovered since the founding of the People’s Republic in 1949.

How much is the Dadonggou gold deposit worth?

In total, the site contains roughly 2.586 billion metric tons of ore, with an average grade of 0.56 grams per ton, translating to about 1,444 tons of gold. At today’s prices - over €111,000 ($128,000) per kilo - the estimated value comes in at around €166 billion ($191 billion).

The project, completed in just 15 months, was spearheaded by the Liaoning Geological and Mineral Group, which deployed nearly 1,000 technicians and workers. According to the ministry, the deposit is classified as “ultra-large” but low-grade. Beyond confirming its location in Liaoning, officials have withheld precise coordinates, fueling speculation about strategic motives behind the secrecy.

Whatever the reason, the find further strengthens China’s gold reserves at a time when the metal is enjoying robust growth. So far this year, gold prices have surged more than 50%. In recent years, Beijing has ramped up its exploration efforts, including a major strike in Hunan in 2024 that added over 1,000 tons to the country’s tally.

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