Photo:CFP

TheMKsport China Geological Survey under the Ministry of Natural Resources announced on Sunday significant gold discoveries in Northwest China's Gansu Province, North China's Inner Mongolia Autonomous Region, and Northeast China's Heilongjiang Province, with a total of 168 tons of newly identified gold resources.

Gansu has added 102.4 tons of gold, classified as a super-large deposit. Inner Mongolia has gained 41.3 tons, and Heilongjiang has added 24.3 tons.

With support from the central government, the exploration work focused on key mining areas along with 24 major gold resource bases throughout the country. Using a combination of advanced exploration techniques, including big data, predictive models and new geological theories, 47 target zones were identified, with 35 block proposals submitted. 

According to the China Geological Survey, the new breakthroughs in nationwide gold exploration have provided effective guidance for local enterprises in their exploration initiatives and contributed to regional economic and social progress.

China's recent re-evaluation of its mineral resources led to notable growth in the reserves of gold, tantalum, rare earths and zircon. Notably, gold reserves have grown by more than 1,200 tons, equivalent to discovering 60 large new deposits, according to a report by the Xinhua News Agency on Sunday.

China's gold reserve ranks the sixth globally in 2024 at 2,264 tons, while the top three are the US (8,133 tons), Germany (3,352 tons) and Italy (2,452 tons), according to Trading Economics, a global economic data body.

The increase in gold reserves boosted China's global ranking in 2024. National gold reserves play a key role in crisis management, stabilizing currency exchange rates, and supporting payment system, and they are directly tied to a country's economic independence, Wang Guoqing, research director at the Beijing Lange Steel Information Research Center, told the Global Times on Sunday.

"Gold is a strategic reserve for combating inflation," Wang said. "For individuals, gold serves as a hedge against inflation, while for the nation, it preserves wealth and ensures stability during economic uncertainties."

"Ample gold reserve provides a leverage of economic strength to both domestic and international investors," Wang said. "It also boosts public confidence in the national currency, reducing monetary risks and financing costs."

‌"We expect a seasonal pick-up in gold jewelry consumption due to the peak buying season during the coming Chinese New Year holidays," according to a report written by Ray Jia, a research head at the World Gold Council.


Global Times