Business / Industries

Gold mine reserves surge in eastern China province

(Xinhua) Updated: 2014-11-26 10:49

JINAN - East China's Shandong province's proven gold deposit reserves have reached a record high over the past three years, ranking at top one in the country, a statement from the provincial resources department said.

Since 2011, Shandong has discovered gold deposits with total estimated reserves of 2,080 tons, said Liu Jianpu, head of the provincial land and resources department.

Liu said the figure also surpassed the gold mine reserves found by the province between 1949 and 2010, which stood at 1,932 tons.

The province funded a total of 4.82 billion yuan ($780 million) worth of geological prospecting missions over the past three years, and discovered 108 major mineral deposits. New finds included 2.5 billion tons of iron reserves over the past three years.

In addition, Shandong has invested more than $3.1 billion on mineral prospecting and mining overseas, and obtained more than 300 mining rights in 31 countries, Liu said.

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