Gold prices have been climbing rapidly and reaching record highs, which is very good news for China.

China is home to several large gold mining operations already, but according to the Chinese State Media, they have now located a new one that is absolutely massive.

Their Ministry of Natural Resources found that the deposit, which is located in Dadonggou in the northeastern province of Liaoning, contains as much as 2.5896 million tons of gold ore. The ore at this location has an average grade of .56 grams per ton, which means they will be able to extract around 1444 tons of gold, worth over $192 billion at current prices.

China National Gold Group, Liaoning Mineral Geological Group, and the Yingkou Municipal Government have banded together to work on this project. They plan to invest more than 20 billion yuan ($2.82 billion) into the industry to help create a supply chain that includes everything needed to explore, mine, process, smelt, and manufacture the gold from this deposit.

China has many large gold mines because they are geographically located in an area that has several major tectonic plates. This means that the conditions are good for gold deposits to form.

Hydrothermal systems deep underground can bring gold-bearing fluids up to areas of the ground where they can be mined by humans.

Global demand for gold continues to increase due to economic uncertainty, as well as more uses in technology that rely on gold.

Wang Yan is a professor at the Chinese Communist Party’s school in Shenyang and commented in the Chinese media report, saying:

“The mine’s more than 1,000 tons of reserves will significantly secure national gold strategic reserves. Its fully integrated industrial chain from production to sales will greatly influence the gold industry in China, enhancing its competitiveness in the global market.”

It is unlikely that this new mine will push the global prices down anytime soon, however, since it will take a while for the mining operations to get up and running.

Long term, however, this added supply will undoubtedly impact the price.

If you think that’s impressive, check out this story about a “goldmine” of lithium that was found in the U.S. that could completely change the EV battery game.