China’s Ministry of Natural Resources confirmed on Friday the discovery of the Dadonggou gold deposit, the largest single find in the country since the founding of the People’s Republic in 1949.

Officials estimate the site contains 2.586 million tonnes of ore with an average grade of 0.56 grams per tonne, translating to roughly 1,444 tonnes of gold. At current prices, the gold is valued at over €166 billion, with bullion trading above €115,000 per kilogram this year.

The project was conducted by the state-run Liaoning Geological and Mining Group, which mobilized nearly 1,000 technicians and workers and completed the exploration in just 15 months, an unusually short timeline for a deposit of this magnitude.