China finds biggest cash cow in Shandong with 580 lots of reserve

Gold Photo: VCG

Gold. Picture: VCG

The accumulative gold metal reserve of Xiling cash cow in Laizhou, East China’s Shandong Province reached 580 lots after most current detection, ending up being China’s biggest single structured cash cow, regional media press Qilu Night News reported on Thursday.

The Natural Deposit Department of Shandong Province just recently found an extra 200 lots of gold resources in the mine, bringing the overall accumulative gold reserve to 580 lots, with an approximated financial worth of 200 billion yuan.

The gold metal reserve of Xiling cash cow was likewise in the front tier on the planet, showing an advancement in Shandong’s mineral expedition, stated the report.

Shandong Gold Group Co (SD-Gold), the owner of the Xiling cash cow, had actually revealed in March 2017 that the business identified a substantial cash cow with approximated gold metal reserve of over 550 lots, describing the Xiling cash cow, as verified by the China Gold Association (CGA).

SD-Gold, in cooperation with numerous leading domestic institutes, invested 320 million yuan in the expedition of the gold mine and, after 16 years of painstaking work, revealed the tricks of the mine, mentioned Chen Yumin, the president of SD-Gold, in 2017.

The northeastern area of Shandong Province is house to the biggest cash cow reserves in China, with the greatest gold output and reserves nationwide, according to the CGA.

In the very first quarter of 2023, China produced 84.97 lots of raw gold, representing a 1.88 percent boost compared to the previous year. In addition, China’s gold intake volume reached 291.58 lots, showing a 12.03 percent year-on-year development, as reported by the CGA.

Additionally, information from the State Administration of Forex exposes that China has actually increased its gold reserves for 6 successive months, with the reserve bank’s gold reserves reaching 66.76 million ounces by the end of April, a boost of 260,000 ounces compared to the end of March.

International Times

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