One of the world’s largest silver producing countries, China, has announced the discovery of a huge deposit with estimated reserves of at least 1,500 tons.

The deposit was discovered by geologists in Henan Province. It is part of the Zhonghe deposit area, which boasts 280,000 tons of lead and 320,000 tons of zinc, according to the Henan Bureau of Geo-exploration and Mineral Development.

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Earlier, a large silver deposit with reserves of 2,661 tons was discovered in the province’s Tongbai County.

A recent report by the US-based Silver Institute said that China will play a major role in the global silver market for years to come, both as an industrial user and a silver miner. The report called China by far the largest consumer of silver globally, accounting for 18 percent of global fabrication demand in recent years. It said that China is the third-largest silver-producing country, as well as a key nation for processing primary raw materials from around the world.

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Last year, Beijing announced discovery of its largest gold deposit with a $22 billion potential. The Xiling gold seam in eastern China was more than 2,000 meters long and 67 meters wide. At full capacity, the mine could produce gold for 40 years, scientists said.

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China only began releasing its mine supply information in 2000, and the sector has grown faster than any other nation since.

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