China discovers massive deposit estimated to hold over 1 million tons of gold and copper

China has reportedly discovered a mineral deposit estimated to contain more than 1 million tons of gold and copper combined.

According to Yonhap, China Central Television and other state media reported Tuesday that the Ministry of Natural Resources announced a major breakthrough in mining exploration in the Chating district of Xuancheng, Anhui Province.

The main ore body at the site measures 1.2 kilometers in length and 1.1 kilometers in width.

The bottom of the deposit has yet to be fully mapped, meaning the full extent of the find remains unknown.

Preliminary estimates suggest the site's potential copper resources exceed the combined reserves of several large mines each holding more than 500,000 tons. Its potential gold resources are projected to surpass the combined reserves of more than 10 gold mines each rated at over 20 tons.

Those figures could grow further as additional surveys are conducted.

The South China Morning Post, citing CCTV, said the figures imply copper reserves of more than 1 million tons and gold reserves of more than 2 million tons, according to Yonhap.

Industrial demand for copper in China has been rising, driven by AI data centers, electric vehicles, power grids and renewable energy. However, the country currently relies heavily on overseas supply.

Gold is also used in advanced electronics. With geopolitical uncertainty mounting and confidence in the US dollar weakening, central banks worldwide have been moving to increase their gold holdings as a safe-haven asset.

Against that backdrop, the discovery of a deposit of this scale is expected to be a significant boost for China.

The Chinese government has also recently launched a new mining investment company.

According to a Bloomberg report from July, the newly established Guangyan International Investment provides consulting and support services to Chinese mining companies, covering overseas regulatory compliance, risk management and market analysis.

The move is seen as a response to mounting pressure from the United States and Europe to reduce China's dominance in minerals such as copper.

Through Guangyan, Chinese authorities aim to standardize overseas mineral asset transactions, improve management efficiency and reduce risk exposure for domestic companies.

Chinese firms have historically been aggressive in acquiring mining assets around the world — including in the Democratic Republic of the Congo and Indonesia — outpacing Western rivals. More recently, however, conditions have become less favorable as tensions with the US and Europe have grown and resource nationalism has strengthened.

The US has signed an agreement with the DRC securing preferential access to copper, cobalt, lithium and tantalum reserves, part of broader efforts to build supply chains and alliances that reduce dependence on China.

The EU, Japan and others are also watching Washington's moves closely and appear to be joining efforts to counter China's influence in the sector.