BEIJING (Web Desk) - China has discovered Asia’s largest offshore gold reserve near the coast of Yantai city in the Laizhou area of Shandong province.
According to Chinese media reports, the discovery has raised Laizhou’s total proven gold reserves to 3,900 tonnes, accounting for nearly 26 percent of China’s total national gold reserves.
The Yantai municipal government said the discovery has placed Laizhou at the top in China in terms of both gold reserves and production. However, officials did not disclose the exact quantity or value of the gold found beneath the seabed.
Last month, China also announced the discovery of a major gold deposit in the northeastern province of Liaoning, with proven reserves estimated at 1,444 tonnes.
China is currently the world’s largest gold-mining country, producing 377 tonnes of gold last year. However, in terms of proven gold reserves, China still trails countries such as South Africa, Australia, and Russia.
Gold is considered a hedge against currency volatility and financial risks and also plays a vital role in several industrial sectors, including electronics and the aerospace industry.