China discovers 470 tons of gold at the bottom of the sea.

China's largest gold mine has been discovered at a depth of 2,000 meters in the waters off Shandong province, valued at $16.4 billion.

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

According to the Shandong Provincial Institute of Geology and Mineral Resources, a massive gold mine located on the seabed near Tam Son Island, Lai Chau province, contains over 470 tons of gold. Shanghaiist reported yesterday that this is the first underwater gold mine discovered in China. At the current market price of $38,475 per kilogram, the mine is worth over $16.4 billion.

According to Ding Zhengxiang, Deputy Director of the Shandong Provincial Institute of Geology and Mineral Resources, the gold mine is located in a crab-shaped ore belt deep beneath the seabed. To discover the gold mine, the institute mobilized nearly 1,000 geological workers for three years. They drilled over 120 kilometers along 67 offshore drilling platforms.

Over 2,000 tons of gold have been found in Lai Chau over the years. This is the largest gold reserve in China. According to The Guardian, the global gold mining industry is shifting its focus to offshore sources of supply.

According to VnExpress