China discovered 470 tons of gold on the seabed

China's largest gold mine was found at a depth of 2,000 meters in the waters off Shandong Province, worth $ 16.4 billion.

China discovered a new gold mine containing 470 tons of gold

The gold mine off the coast of Shandong Province is worth $ 16.4 billion.(Photo: Sina).

According to Shandong Province Geological and Mineral Research Institute, the giant gold mine located on the sea floor near Tam Son Island, Lai Chau town, contains more than 470 tons of gold. Shanghaiist reported yesterday, this is the first undersea gold mine discovered in China. With the current market price of 38,475 USD / kg, gold mine is worth over 16.4 billion USD.

Dinh Chinh Tuong, deputy director of the Shandong Province Geological and Mineral Research Institute, said the gold mine belongs to a crab-shaped ore belt deep in the seabed. To find the gold mine, the institute must mobilize nearly 1,000 geological workers to search for 3 years. They must drill more than 120km along 67 offshore platforms.

Over 2,000 tons of gold has been found in Lai Chau over the years. This is the place with the largest gold reserves in China. According to The Guardian, the world gold mining industry is turning to the sea to find new sources of supply.