Largest gold deposit with HK$50.16 billion in proven reserves discovered in Xinjiang
Finding located on border with Kyrgyzstan part of Hong Kong-linked firm's project
Geologists have discovered the largest gold deposit so far in China’s northwest Xinjiang region, according to state media.
The deposit, located in Ulugqat, on the border with Kyrgyzstan, has proven gold reserves of 127 tonnes, estimated to be worth more than 40 billion yuan (HK$50.16 billion), Xinhua reported.
Cui Hongbin, an official from the Xinjiang Geology and Mineral Resources survey bureau, said the deposit could have more than 200 tonnes of gold.
The discovery was made after 20 years of geological survey in a 20 square kilometre area 3,100 metres to 4300 metres above sea level, Cui told the news agency.
The survey was conducted by Xinjiang Tongyuan Mining Limited, a venture between Xinjiang Fuwei Mining and the region’s geology and minerals bureau, according to the National Business Daily. Fuwei, which has a controlling stake in Tongyuan, is in turn owned by an offshore company that has a Hong Kong businessman as its director.
A Tongyuan official told the Post it had not reached an agreement with any mining companies to explore the gold deposit.