China discovers Asia’s largest undersea gold deposit off Jiaodong Peninsula

China has discovered its first undersea gold deposit – the largest in Asia – marking a breakthrough as Beijing steps up nationwide exploration for the precious metal. The discovery, off the coast of Laizhou, in Yantai, Shandong province, lifted Laizhou’s total proven gold reserves to more than 3,900 tonnes (137.57 million ounces) – about 26 per cent of the national total – ranking it top in both gold reserves and output in China, Yantai’s city government disclosed this week at a conference on...