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The Chinese Ministry of Natural Resources confirmed on Friday the discovery of the Dadonggou deposit. This is the largest reported gold discovery since the founding of the People's Republic of China in 1949. Officials stated that the site contains approximately 2.586 million tons of ore with an average grade of 0.56 grams per ton, equivalent to about 1,444 tons of gold.

At current prices, this amount of gold is valued at over €166 billion. Gold has reached record levels this year, trading at more than €115,000 per kilogram.

The project was carried out by the state-owned Liaoning Geology and Mining Group, which deployed about 1,000 technicians and workers and completed the discovery in just 15 months — an unusually short timeframe for a deposit of this size.

The ministry described the find as "very large" but low-grade, noting that it passed the initial economic feasibility assessment.

However, authorities did not disclose the exact location of the site, stating only that it is in eastern Liaoning, leading to speculation about strategic considerations behind the limited information.

China has accelerated its mineral exploration efforts in recent years. Officials reported that in 2024, a deposit of more than 1,000 tons was discovered in Hunan, and more than 40 tons were found in Gansu in October. The country produced 377.24 tons of gold in 2024, a 0.56% increase compared to the previous year.

Domestic consumption reached 985.31 tons in 2024, while demand for bullion and coins rose by more than 24% year-on-year. Analysts say this trend reflects the growing interest of China's expanding middle class in protecting its wealth amid global economic uncertainty, making gold an increasingly popular safe haven.