Situated in the Sanshan Island-Cangshang Fracture Zone, a highly prospective metallogenic belt in the Jiaodong Peninsula along the Bohai Bay, the Haiyu Gold Mine is the first seabed gold mine discovered in China. Thanks to good metallogenic conditions, a number of ultra-large and large gold mines have been discovered in the area, which is renowned globally for gold mining and is one of the important gold production bases in China. With a thick, large orebody, the Haiyu Gold Mine has seen its gold resources increase by approximately 100 tonnes in just a few years since its discovery. The mine, also known as the Kingdom of Gold 2,000 Meters Beneath the Ocean Surface, enjoys significant potential for further increase in resources, as the orebody remains open at depth.

Haiyu will be developed as an underground mine, with a throughput of 12,000 tonnes per day. It is expected to achieve a recovery of up to 97% at low costs, thanks to its good ore endowments. The project has obtained almost all necessary approvals and permits, including those for mining, project construction, environmental assessment, energy conservation and safety facilities. According to its development plan, the project will be finish construction 2025 and have a life of mine of 23 years. After reaching its name-plate capacity, it will produce 80 to 90 tonnes of gold per annum. Based on past gold-mining experience in the region and the geological report of the mine, the undersea muddy sediments around the deposit serve as the hanging wall of the orebody, separating it from seawater and providing it with good stability. This creates favorable conditions for mining activities.

On October 12, 2022, Zijin Mining announced it will acquire a 30% equity interest in Shandong Ruiyin Mining Industry Development Co., Ltd. (“Shandong Ruiyin”) for a consideration of RMB 3.9845 billion through an equity transfer agreement, to become the second-largest shareholder of the largest gold-only deposit in China.