(Yicai Global) Sept. 14 -- A metal mine containing more than 12.9 million tons of fluorite and 90,000 tons of tin has been found at the Jiepailing mining area in central Hunan province's Yizhang County.

The economic benefits could be worth as much as CNY10.7 billion (USD1.64 billion), the Southern Hunan Institute of Geology and Survey said in a recent report.

Jiepailing is an important part of the Nanling metallogenic belt near the Nanling Mountains, which separate the Pearl River Basin from the Yangtze Valley. The survey on the mine began in the 1990s, state-owned China National Radio reported online on Sept. 13.

Local mining firms set up the Southern Hunan Institute of Geology and Survey in 2010 to carry out a detailed geological survey in the region. As conditions in the mining area were complicated, the survey was particularly difficult. After drilling to a depth of more than 6,000 meters, the team discovered what deposits were in the mine and what conditions were like, and submitted a preliminary report in 2013.

In 2015, the institute carried out another survey of the area, drilling to a depth of 1,500 meters and spending CNY367,700 (USD56,304) to make a major breakthrough, finding more than 10 million tons of fluorite materials that will provide rich resources for the local industry.

Fluorite can be used to manufacture hydrofluoric acid used in aluminum refining, and can also be used in industries for glass, ceramics, cement and other construction materials.