Reports from China suggest that a significant amount of gold has been discovered in the Junnggar area of Xinjiang. This is the largest amount to be found in this area in the last 20 years.
It is estimated that 26 tonnes of gold bullion has been discovered which is worth around 4 billion Yuan or £404 million. China is the world’s largest gold producer, overtaking South Africa who had held the position since 1905.
Over the past decade gold output in China has risen by 70% as demand for gold globally has increased. As more investors look to buy gold mining companies are investing more in gold production. The main foreign investing in gold mining in China comes from Canada and Australia.