Guangdong sparkles as 3rd gold field found
Print Edition
A third gold deposit, estimated to hold reserves of 21 tons, has been discovered in Guangdong Province, according to Chinese geologists.
Its reserves have a potential value of billions of yuan, according to an article posted on the Ministry of Land and Resources’ website yesterday.
The new deposit is located in west Guangdong, and its main area measures about 800 meters long and 500 meters deep. Its gold is easy to mine, the article said.
Besides gold, the deposit also holds about 26 tons of silver reserves.
Guangdong is one of the major gold producers and consumers in China.
The province was also the site of two other gold deposits with more than 20 tons each, which were discovered in the 1980s and 1990s.
China is the biggest gold jewelry producer with about 60 percent of global production. Its gold consumption may more than double the output of bullion by 2015, the Ministry of Industry and Information Technology predicted earlier.
China is on track to overtake India as the biggest gold market this year as consumption rose 54 percent in the first half, according to the China Gold Association.
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