Large gold mine with 550-ton reserve found in E China

Updated 2017-03-29 17:20:59 Xinhua

A world-class gold mine with estimated reserves of 550 tons has been founded in eastern China's Shandong Province.

The newly-found gold deposit named Xiling is located in the Laizhou-Zhaoyuan region, said Shandong Gold Group Tuesday, adding that about 382 tonnes of gold reserves had been detected so far.

By 2019, a total of 550 tons of gold reserves are expected to be exploited in the deposit, worth more than 150 billion yuan (about 22 billion U.S. dollars).

The Laizhou-Zhaoyuan region is one of the largest gold production areas in China. The gold reserve and output in the region ranks first in the country.

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