China has discovered its first subsea gold mine, worth hundreds of billions of yuan.

As China Daily informed, the mine was discovered in the water of Sanshan Island, and it is estimated to hold 470.47 tons of the mineral.

Shandong Third Institute of Geological and Mineral Exploration found the mine in a water depth of 2000 meters after three years of exploration.

Due to the great water depth in which the mine was found, it will be difficult to accurately determine the exact location of the metal, and China plans to upgrade the technology to facilitate the mining.

Laizhou Rehi Mining will conduct the mining operation.

“Drilling in the ocean will mark the fact that China’s geological exploration has extended from land to sea, and that it is a strong power in geological terms,” said Xu Zhiqin, academician of the Chinese Academy of Science.