HARBIN - A large graphite deposit has been discovered in Northeast China's Heilongjiang Province with a potential economic value of over 100 billion yuan (about $15 billion).

The deposit, found in the city of Shuangyashan, has a reserve of more than 335 million tonnes of graphite ores with an average purity of 6.97 percent, according to the provincial natural resources department.

The department said the minerals there were identified as high-quality flake graphite that can be mined easily and at low cost.

Graphite is widely used in modern industries, including aerospace and electronics. It is the basis for the miracle material graphene, which is viewed as a key material in China's innovation-driven development strategy.

Provincial officials hope the discovery of the large deposit can boost the graphite industry in Heilongjiang and aid the province's industrial transformation.