Tuesday, 28th March 2006 (3291 views)

The Yangshan gold deposit in north-western China is set to become the largest gold mine in the country, it emerged today.

With a recoverable reserve totalling over 200 tons, the deposit is to be found in the Wen county of southern Gansu province and is currently under exploration by Minco Mining and Metals.

Situated in what is known as the Qinling Gold Belt, the second-largest gold producing region in China, Minco made the Yangshan area the company's "prime exploration focus for 2006" in January this year.

Such prioritisation appears to have paid dividends so far.

The trend of rising gold prices on world stock markets intensified as the Financial Times reported a Bank of China official as saying the country should utilise some of its foreign currency reserves to buy the metal.

 

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