China Discovers Copper and Gold Deposits Estimated at More Than 1 Million Metric Tons

[Financial News] China recently announced the discovery of copper and gold deposits estimated at more than 1 million metric tons in total.
China Central Television (CCTV) and other outlets reported on the 2nd, local time, that China’s Ministry of Natural Resources had announced significant progress the previous day in mineral exploration in the Chating District of Xuancheng, Anhui Province.
The potential copper resources at the site are estimated to exceed the size of several large mines, each containing at least 500,000 metric tons. The potential gold resources are also provisionally estimated to exceed the combined scale of more than 10 gold mines, each containing at least 20 metric tons. CCTV explained that this means the copper and gold reserves are estimated at more than 1 million metric tons and 200 metric tons, respectively. 
The main ore body at the site measures approximately 1.2 kilometers in length and 1.1 kilometers in width. Its lower section has not yet been fully revealed.
China has strong industrial demand for copper in sectors including artificial intelligence (AI) data centers, power grids, electric vehicles and renewable energy, but remains highly dependent on overseas supplies. As confidence in the U.S. dollar weakens, central banks worldwide are increasing their holdings of gold, a safe-haven asset.
Accordingly, copper and gold prices are also surging. Based on the previous day’s London Metal Exchange (LME) prices, copper reached $14,294 per metric ton, or approximately 19.58 million won, while spot gold stood at around $4,430 per ounce, or approximately 6.06 million won.
The International Energy Agency has also forecast that global copper supply could fall 25% short of demand by 2035.  


[email protected] International Affairs Specialist Lee Seok-woo Reporter