Gold has become an ideal means of investment as it has eternal and long-term value. Since ancient times, it has been used and traded, playing an important role in all stages of historical development in civilization. People have long been eager to possess more gold, and China has the fifth largest gold reserves in the world, behind the U.S, Germany, Italy, and France.
One of China’s largest gold companies, the Shandong Gold Group, announced that they discovered the biggest ever gold deposit in China. An estimated 380 tons of gold has already been discovered and around 550 more tons will be mined by 2019. The mine, which is located in the Laizhou-Zhaoyuan region of northwest Jiaodong Peninsula in Shandong province, can produce more than $22 billion (150 billion Yuan) worth of gold for 40 years. This discovery was possible due to the combined efforts of the Ministry of Industry and Information Technology and Chinese gold companies. Their investment together in exploration to increase gold reserves may find more mines of gold soon.
Christine Kim Staff Reporter (christine@timescore.co.kr)
1. What is one of China's largest gold companies?
2. How many more tons will be mined by 2019?
3. Where is the mine located?
1. Why is gold expensive?
2. Is mining okay? Why? Why not?
3. If you could receive one precious stone or gem, what would you want to get? Why?
Gold has become an ideal means of investment as it has eternal and long-term value. Since ancient times, it has been used and traded, playing an important role in all stages of historical development in civilization. People have long been eager to possess more gold, and China has the fifth largest gold reserves in the world, behind the U.S, Germany, Italy, and France.
One of China’s largest gold companies, the Shandong Gold Group, announced that they discovered the biggest ever gold deposit in China. An estimated 380 tons of gold has already been discovered and around 550 more tons will be mined by 2019. The mine, which is located in the Laizhou-Zhaoyuan region of northwest Jiaodong Peninsula in Shandong province, can produce more than $22 billion (150 billion Yuan) worth of gold for 40 years. This discovery was possible due to the combined efforts of the Ministry of Industry and Information Technology and Chinese gold companies. Their investment together in exploration to increase gold reserves may find more mines of gold soon.
