Record-Breaking Gold Mine Discovered in Shandong Province, China... Estimated Worth 37.9 Trillion Won

A massive gold mine with reserves of 580 tons and an economic value approaching 38 trillion won has been discovered in Shandong Province, China.

According to local media including Jinlongjie on the 18th, a gold mine with reserves reaching 580 tons was discovered during a gold exploration project conducted in Laizhou City, Shandong Province the previous day.

This scale allows for mining for over 30 years using China's extraction technology. The length of the gold mine reaches up to 2,057 meters, and the sediment layer thickness is 62.35 meters. The Shandong Provincial Department of Natural Resources stated that the potential value of the confirmed reserves alone exceeds 200 billion yuan (approximately 37.956 trillion won).

The confirmed reserves passed the evaluation by experts organized by the authorities for exploration. Since last year, Shandong Province has been strengthening exploration focusing on strategic minerals such as gold, iron, coal, copper, rare earths, and graphite.

The gold mine discovered on this day is the largest single deposit found in China and is considered one of the largest in the world, according to local media. In Shandong Province, a 550-ton gold mine was discovered in 2017, and a 470-ton offshore gold mine was found in 2015.

Although gold prices have shown some weakness recently, they have risen close to their peak this month. On the 17th, the June gold futures price on the New York Commodity Exchange (COMEX) fell by $8.10 (0.4%) to $1,984.90 per ounce, dropping below $2,000. Earlier this month, prices exceeded $2,085, surpassing the previous high of $2,063. Market experts predict that with the Federal Reserve likely ending its tightening, U.S. bond yields are falling, which could lead to further increases in gold prices.

This content was produced with the assistance of AI translation services.