China reports largest gold discovery in more than seven decades
China has announced the discovery of the largest gold deposit found in the country since 1949, with an estimated 1,444 tonnes of reserves in Liaoning province. The find, completed in just 15 months, comes as gold prices hit record highs.
China’s Ministry of Natural Resources confirmed the discovery of the Dadonggou deposit on Friday. This is the largest single gold find reported in the country since the founding of the People’s Republic in 1949. Officials say the site contains an estimated 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, amounting to around 1,444 tonnes of gold.
At current prices, that volume of gold is worth more than €166bn. Gold has reached record levels this year, trading at more than €115,000 per kilogram.
The project was carried out by the state-run Liaoning Geological and Mining Group, which deployed nearly 1,000 technicians and workers and completed the exploration in just 15 months — an unusually short period for a deposit of this size.
The ministry has described the find as “ultra-large” but low-grade, and said it has already passed an initial economic feasibility assessment.
However, authorities have not disclosed the precise location of the site beyond confirming it is in eastern Liaoning province, prompting speculation about the strategic considerations behind the limited disclosure.
A safe-haven asset in turbulent times
The discovery comes during a period of surging demand for gold. Prices have risen by more than 50% this year, fuelled by a weaker dollar, geopolitical tensions and strong buying by central banks — particularly in emerging economies looking to diversify their reserves.
China has accelerated its mineral exploration efforts in recent years. In 2024, officials reported the discovery of a deposit of more than 1,000 tonnes in Hunan province, and another of over 40 tonnes in Gansu in October. The country produced 377.24 tonnes of gold in 2024, a 0.56% increase on the previous year.
Domestic consumption reached 985.31 tonnes in 2024, with demand for bars and coins rising by more than 24% year-on-year. Analysts say the trend reflects growing interest among China’s expanding middle class in safeguarding wealth amid global economic uncertainty — making gold an increasingly popular safe-haven asset across the country.
Newfoundland’s golden future: New Found
Gold completes Maritime Resources
takeover
In a move that’s shaking up Canada’s gold mining landscape, New Found Gold (TSXV:NFG) has officially taken over Maritime Resources.
Visiting the Iceberg zone at New Found Gold’s Queensway project in northeast Newfoundland.
In a move that's shaking up Canada's gold mining landscape, New Found Gold (TSXV:NFG) has officially taken over Maritime Resources. The deal, announced earlier this year, has now been sealed, creating a new powerhouse in the Canadian gold industry.
New Found Gold, once a newcomer in exploration, has rapidly transformed into a budding gold producer. By snatching up Maritime Resources, the company now boasts two prime assets in Newfoundland: the Queensway gold Project and the Hammerdown gold project.
Keith Boyle, New Found Gold's CEO, is bullish about the merger. He said, "In less than a year, New Found Gold has transformed from an early-stage exploration company to an emerging Canadian gold producer with camp-scale exploration potential. Today we see two high-quality assets, the Queensway gold project and the Hammerdown gold project, located in a Tier 1 jurisdiction with strong synergies, come together at a time of highly favourable gold prices."
The deal sees Maritime Resources shareholders receiving 0.75 New Found Gold shares for each Maritime share they held. As part of the shake-up, Allen Palmiere, a seasoned mining executive, has joined New Found Gold's board, while Melissa Render has stepped down.
Garett Macdonald, Maritime's outgoing CEO, expressed optimism about the merger: "We are pleased with the completion of the business combination and are excited for New Found Gold as it grows into Canada's newest mid-tier gold producer."
This acquisition is just one part of New Found Gold's ambitious expansion plans. The company recently announced a deal to increase its Queensway project by a third, potentially covering 2,440 sq. km (234,050 ha).
With gold prices riding high and two promising projects now under its belt, New Found Gold is positioning itself as a rising star in Canada's gold mining sector. Industry watchers will be keeping a close eye on how this newly formed gold producer performs in the coming months.
More information is posted on www.NewFoundGold.ca.
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