Shandong Gold discovers China's biggest gold mine

Shandong Gold Group has discovered a gold reserve in the eastern part of China, which is potentially the country’s largest ever deposit.

Free Report

Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.

By GlobalData

By downloading this case study, you acknowledge that GlobalData may share your information with GlobalData and that your personal data will be used as described in their Privacy Policy Visit our Privacy Policy for more information about our services, how GlobalData may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The newly discovered mine is located in Xiling of Shandong province and estimated to contain 382.58t in gold reserves with a potential value of over CNY150bn ($21.7bn).

The Laizhou-Zhaoyuan region is known to host China’s most important gold deposits. Xiling mine is also situated in this region, adjacent to the Sanshan Island gold mine.

Xiling gold deposit is reported to be more than 2,000m-long and 67m thick in places, reported Sdchina.com.

"Xiling gold deposit is reported to be more than 2,000m-long and 67m thick in places."

The reserves in Xiling indicated an average gold grade of 4.52g/t. Results have been reported to the Shandong Provincial Department of Land and Resources and now the mine officially has entered into the stage of exploration.

Operating at the full capacity, the mine is expected to produce 10,000t of ore a day for 40 years.

In the following two years, more than 550t of gold resources are estimated to be recovered.

Last month, China's Ministry of Industry and Information Technology announced its plan to increase domestic reserves by 3,000t to 14,000t by 2020 that encouraged miners in the country to increase their exploration activity and acquisitions, reported Bloomberg.