A large gold deposit with reserves worth a potential 40 billion yuan (US$6.47billion) has been discovered in northwest China’s Xinjiang Uygur Autonomous Region, according to mainland media.
As of end-June, about 127 tons of gold reserves have been uncovered at the site, making it the largest known such deposit in resource-rich Xinjiang, National Business Daily reported Wednesday.
Leading gold producers such as Shandong Zhaojin Group Company Ltd. and China National Gold Group Corp have already expressed interest in co-developing the mine.
The gold reserve is located in Uqar County, which borders Kyrgyzstan in west Xinjiang, according to the regional bureau of geology and mineral exploration and development.
In a separate report in the Global Times, Cui Hongbin, head of the exploration team, said total reserves at the facility could exceed 200 tons.
The discovery will not only boost China’s gold output, which totaled 211.07 tons in the first half of this year, but will also benefit local revenue and employment, said Cui.
The bureau has spent two decades exploring the area, where geological workers found more than 20 belts of gold ore in the 20-square-km Sawayaerdun deposit, he said.
In 2013, the bureau also discovered two gold deposits with proven reserves of more than 50 tons each in the counties of Xinyuan and Hejing, the report said.
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