Published : 2025-04-28
At a time when the price of gold has soared due to well-known reasons, do you know that China has actually been the world's largest gold producer for more than a decade?
And yet, one province alone accounts for over one-third of the country's total gold production. Where is it?
China's gold production exceeds 377 tonnes in 2024
Mainland China media reported that in 2024, China's gold production was 377.242 tonnes, a year-on-year increase of 0.56%, accounting for more than 10% of the global total.
Although this figure is lower than the peak of 455 tonnes in 2016, it has maintained the world's top position for more than a decade, exceeding Russia, which is in 2nd place, by more than 60 tonnes.
The 3rd to 5th places in gold production for the same year were Australia, Canada, and the United States, respectively.
How much is 377 tonnes of gold worth?
At the peak gold price of about 3,500 USD per ounce in April 2025, this would be worth more than 46 billion USD, equivalent to more than 300 billion RMB.
Which province in China produce the most gold? It turns out to be Shandong Province.
According to media reports, gold production of Shandong in 2023 reached 165.49 tonnes, accounting for more than 40% of China's gold production that year, nearly twice that of the 2nd place, Henan Province.
Shandong's gold production accounts for 40% of China
Although gold production figures vary each year, Shandong's status as the top "gold prospecting" province has remained unshaken for nearly 50 years.
In fact, Shandong has always been the province with the highest gold reserves in China.
Data released by the Ministry of Natural Resources shows that in 2022, the nationwide identified gold reserves totalled 3,127.46 tonnes, of which Shandong Province accounted for 967.93 tonnes, almost 30%, far exceeding the second-place Gansu Province and third-place Yunnan Province.
However, the throne of the province with the highest gold reserves may change hands in the future.
At the end of 2024, the Hunan Geological Bureau announced that more than 40 gold veins were discovered in the Wangu Gold Mine field in the province, at depths exceeding 2,000 metres underground.
The core exploration area has accumulated gold resources of 300.2 tonnes, and the projected gold reserves above 3,000 metres deep are estimated to be over 1,000 tonnes, which is already more than Shandong Province's current identified reserves.
The world's largest gold mine is in Hunan?
If the 1,000-tonne estimate is confirmed, the Wangu Gold Mine field will surpass South Africa's South Deep Gold Mine, becoming the largest gold mine in the world; the latter has gold reserves of approximately 930 tonnes.
Where exactly is this super-large gold mine?
It is located in Pingjiang County under the jurisdiction of Yueyang City in the north-eastern part of Hunan Province; the county has a registered population of only about 1.1 million.
Pingjiang is famously known as the "County of Generals" in China. In the first conferment of ranks by the PLA in 1955, the county produced as many as 52 generals, ranking among the top in the nation in terms of numbers.
What else is gold used for besides jewellery?
Lastly, here's some additional information about gold.
Although China is the world's largest gold producer, its consumption far exceeds its production, so it still needs to import significant amounts of gold from countries like Australia and South Africa.
In addition to making jewellery, investments, and reserves, gold is also extensively used in industry, such as in the production of electronic components; the face mirrors of the helmets worn by Chinese astronauts when they exit their spacecraft are also coated with a layer of pure gold to reflect sunlight.
Furthermore, in terms of national gold reserves, China's number was over 2,200 tonnes by the end of 2024, ranking 5th in the world.
The United States ranks first, with more than 8,000 tonnes, followed by Germany, Italy, and France, which have various reserves ranging from over 3,300 to over 2,400 tonnes.
