A Massive Gold Deposit Worth $192 Billion Has Just Been Discovered

China has hit the jackpot, once again, after discovering one of the largest deposits of gold ever recorded in the country’s history. Off the back of surging gold prices, the discovery could be worth upwards of $192 billion.

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China’s Ministry of Natural Resources reported that the Dadonggou deposit in the northeastern province of Liaoning contains about 2.586 million tonnes of gold ore, according to Chinese state media. With an average grade of 0.56 grams per tonne, this totals around 1,444 tonnes of gold. Some media reports have claimed the load could be worth over $192 billion at current prices. 

To develop the Dadonggou mine, China National Gold Group, Liaoning Mineral Geology Group, and the Yingkou Municipal Government have joined forces. Between 2024 and 2027, they aim to invest more than 20 billion yuan ($2.82 billion) to build up a multi-pronged industry in Yingkou, covering every stage of the supply chain from exploration and mining to processing, smelting, and manufacturing.

This is just the latest in a long string of gold discoveries in China. In late 2024, Chinese authorities reported the discovery of a “superlarge” deposit of gold in central China's Hunan Province, estimated to be worth around $83 billion. 

China’s success is no accident. The large landmass sits across the junctions of multiple tectonic plates, leading to significant geological activity. The activity generates the conditions needed for gold deposits to form, such as hydrothermal systems where gold-bearing fluids concentrate and gather in veins. The East Asian giant is already the world’s biggest producer of gold, just behind Russia and Australia, and it’s investing heavily to continue its domination of the market. 

This timing is fortunate, too. Gold prices have steadily climbed over the past decades, with a major surge after 2020, reaching a record high of over $4,000 per ounce in October 2025.

Global demand has risen sharply as well, driven in large part by central banks increasing their gold reserves and by broader economic uncertainty. During times of instability, both institutions and individuals tend to gravitate toward “trusty old gold” as a safe asset.

Of course, it’s even better if you find the gold yourself, rather than buying it from someone else.

"The mine's more than 1,000 tons of reserves will significantly secure national gold strategic reserves. Its fully integrated industrial chain from production to sales will greatly influence the gold industry in China, enhancing its competitiveness in the global market," Wang Yan, a professor at the Chinese Communist Party’s school in Shenyang, told Chinese media.