China finds giant offshore gold deposit as exploration spending rises

by PENG Peng

China has discovered what officials described as the country's only and Asia's largest offshore super-giant gold deposit, amid rising mineral exploration investment and record-high global gold prices.

The Yantai Municipal Government Information Office said a massive seabed gold deposit had been identified in waters off Laizhou, a coastal city under Yantai in eastern Shandong province. The new discovery brings Yantai's cumulative proven gold resources to more than 3,900 tonnes, about 26% of the national total, ranking first nationwide.

Shandong is China's main gold-producing region, officials said. In November 2023, authorities said the Jiaodong peninsula held more than 3,500 tonnes of gold resources, ranking it as the world's third-largest gold belt.

At a State Council Information Office briefing in September, XU Dachun, vice minister of Natural Resources, said newly added reserves in Jiaodong were "very substantial".

Major discoveries have also been reported elsewhere. On Nov 14, state media cited the Ministry of Natural Resourcesas saying a thousand-tonne, low-grade gold deposit had been identified at Dadonggou in Liaoning province, containing 1,444.49 tonnes of gold metal and seen as a potential world-class find.

In October, authorities in Gansu province said a large gold deposit had been discovered near Yumen, adding more than 40 tonnes of gold resources — the province's largest find since 2009.

The discoveries come amid a broader push to boost domestic resource exploration. According to the China Mineral Resources Report 2025, geological exploration investment reached 115.99 billion yuan (about US$16 billion) in 2024, bringing cumulative spending since the start of the 14th Five-Year Plan (2021–2025) period to nearly 450 billion yuan. By the end of 2024, proven gold resources nationwide had reached 12,000 tonnes, the report said.

Gold prices have surged this year, repeatedly hitting record highs in international markets, supported by strong investor demand and central bank buying.

Higher prices have weighed on jewelry demand while boosting investment purchases. Data from the China Gold Association showed that in the first three quarters of 2025, China's total gold consumption fell 7.95% year on year to 682.73 tonnes, even as purchases of gold bars and coins rose 24.55% to 352.12 tonnes.

Central bank buying has continued. Data from the People's Bank of China showed China's gold reserves rose to 74.09 million ounces at the end of October, marking the 12th straight month of net purchases.