A significant copper and gold deposit has been discovered in Anhui province, central China, marking a major development in the country's efforts to boost domestic supplies of critical minerals essential for new-energy technologies and infrastructure. The Chating deposit, identified within a mineralized area approximately 1.2 kilometers long and 1.1 kilometers wide, remains only partially delineated at greater depths.
Preliminary assessments by the Ministry of Natural Resources indicate the deposit could contain resources comparable to several large copper mines, each with over 500,000 tonnes of copper, and potentially the equivalent of more than 10 large gold mines, each holding at least 20 tonnes of gold. The ministry highlighted the rapid progress made in exploration over the past few months, emphasizing its importance amid China’s heavy reliance on imported copper.
Copper, known for its excellent electrical conductivity, is crucial for power grids, electric vehicles, renewable energy systems, and artificial intelligence data centers. Gold’s applications span high-end electronics and aerospace, with its status as a financial reserve asset attracting interest from central banks in light of ongoing economic and geopolitical uncertainties.
China launched a nationwide mineral exploration initiative in 2021 aimed at expanding domestic reserves of strategic minerals, reducing vulnerabilities in supply chains. The Chating site is among several priority projects this year, targeting copper, gold, rare earth elements, antimony, and other key materials. Further exploration may increase current resource estimates, with additional potential recovery of associated silver and sulfur deposits.
The discovery comes amid sustained high prices for copper and gold, supported by growing investment in data centers and ongoing geopolitical tensions. On the London Metal Exchange, copper recently traded near US$14,300 per tonne, while gold held steady around US$1,430 per troy ounce.
Global concerns about copper supply deficits have intensified. In July, the International Energy Agency warned that supply could fall short of demand by 25% by 2035 without new production projects. It urged governments to increase investment in mining and processing infrastructure, promote long-term purchase agreements, build strategic stockpiles, and enhance recycling efforts.
China currently relies on imports for over 80% of its copper concentrate needs and has intensified domestic exploration. In May, authorities reported an increase of 1.31 million tonnes in identified copper resources at Tibet’s Yulong mine, bringing the site’s total to 7.53 million tonnes.
The emergence of the Chating deposit underscores China’s continuing potential to develop substantial mineral resources, supporting the nation’s goals to secure critical inputs for its expanding energy and technology sectors.