According to the Chinese state news agency Xinhua, Geologists have discovered a large gold mine in the western part of Xinjiang Province in the Ili Valley, near the border with Kazakhstan. The mine is believed to contain more than 53 tons of gold, worth about $3.2 billion.
The area is located in the Narat-Hongliu River metallogenic belt, which makes it likely that more precious metals will be discovered in the future.
The Meisheng Group from Hainan Province has invested $25 million in the mine project.
After 5 years of searching for the mine, production is expected to begin in two years.
The company expects to produce 3 tons of gold annually. The mine is 3 kilometers in length and also contains 31,200 tons of copper.
Xinjiang Province accounts for one-sixth of the total area of China. It is home to the Uighur ethnic group, many of whom are upset by the policies of the government, which are controlled by the Han ethnic group. Ethnic Han also run companies that are exploiting natural resources in the province causing increased tensions.
(Edited from the New York Times)