Newly discovered mine expected to be China's largest-ever gold reserve

China has detected a gold mine with estimated reserves of 550 metric tons in the eastern province of Shandong, a major gold producer has announced.

A total of 382.58 tons of gold reserves have been located at the Xiling gold mine in the Laizhou-Zhaoyuan region, according to Shandong Gold Group, one of the top-three gold producers in the country.

The volume of gold could reach more than 550 tons once exploration is completed in two years, with a potential value of more than 150 billion yuan ($21.8 billion), which would make Xiling the largest-ever gold reserve mine in China, according to the group.