Shandong Gold Group Co. Ltd., parent company of Shandong Gold Mining Co. Ltd., claimed it has discovered what could be the biggest gold mine in China, Bloomberg News reported March 29, according to a statement on a government-supervised website that cited the company.

The company's Xiling mine in Shandong province found 382.58 tonnes of gold reserves. After the completion of exploration, expected to take two years, the estimate could go over 550 tonnes, which would make it the largest gold mine in China.

The mine is estimated to have a 40-year life if operated at full capacity, the report added.