China confirms discovery of 21 MT Gold reserve; 26 MT of Silver
Global Scrap News | 2013-08-28 12:27:04
Chinese geologists have confirmed that they have discovered a gold reserve of 21 metric tons and silver reserve of about 26 metric tons in south China's Guangdong Province.
By Paul Ploumis
BEIJING (Scrap Monster): Chinese geologists have confirmed that they have discovered a gold reserve of 21 metric tons and silver reserve of about 26 metric tons in south China's Guangdong Province.
According to Guangdong Geological Bureau, it is the third gold deposit in the province and has a potential value worth billions of yuan. The deposit is located in western Guangdong and its main body measures about 800 meters long.
Two other gold deposits, each with reserves of over 20 tons, were found in Guangdong in the 1980s and 1990s.
Guangdong is one of Country's major gold producers. As of 2010, there were five gold mining companies in the province, with annual investment in the gold market of up to 100 billion yuan (16.13 billion U.S. Dollars).
