HOHHOT, Dec. 2 (Xinhua) -- The largest graphite deposit in China has been discovered in Inner Mongolia autonomous region, according to local authorities.

It has proven reserves of 130 million tonnes of flake graphite, accounting for 7.3 percent of the world's recoverable reserves.

"With good mining conditions, the graphite will be easy to exploit and it will be possible to conduct strip mining there," said Li Shirong, director of the Department of Land and Resources in Inner Mongolia.

Prior to the discovery, the mineral content of flake graphite for the entire world was less than five million tonnes, according to a report issued by the United States Geological Survey in 2013.

With an average grade of 5.45 percent, the new discovery alone has a mineral content of over 7 million tonnes.

Flake graphite is used as a raw material for high-end precision instruments.

"The product value is estimated to be worth 700 billion yuan and is planned to last for 28 years," said Liu Kai, who is in charge of the mining project.