China Strikes Gold: World’s Largest Gold Deposit Valued at $83 Billion Unearthed in Hunan
Before this find, China's known gold reserves were estimated to exceed 2,000 tons.
China has made a groundbreaking discovery of what is believed to be the world’s largest gold deposit, valued at approximately $83 billion.
This significant find was announced by the Geological Bureau of Hunan Province, located in Pingjiang County in northeastern Hunan.
The deposit at the Wangu goldfield in central China could yield more than 1,000 tonnes of gold, the Geological Bureau of Hunan was quoted as saying by Chinese state media.
As reported, the geologists have identified 40 gold veins at depths of up to 2 kilometres (about 1.2 miles), with estimates suggesting the total deposit could contain around 1,000 metric tons of high-quality gold ore.
The estimated value of the deposit is around 600 billion yuan, equivalent to about $83 billion, making it potentially the largest gold reserve ever discovered, surpassing South Africa’s South Deep mine, which holds about 900 metric tons.
Initial assessments indicate that these veins alone may contain approximately 300 metric tons of gold. Advanced 3D modelling suggests that additional reserves could exist at depths reaching up to 3 kilometres.
Core samples from the site reveal that each metric ton of ore could yield as much as 138 grams of gold, which is significantly higher than the typical threshold for high-grade ore (over 8 grams per metric ton).
This discovery is expected to have substantial implications for China’s gold industry, which already plays a vital role in global production, contributing about 10% of the total output.
Before this find, China’s known gold reserves were estimated to exceed 2,000 tons.
The new deposit could alleviate some of the country’s reliance on gold imports, although it is noted that it would only meet current consumption needs for about 1.4 years at existing rates.
As reported, global gold prices rose after the discovery was announced, but the long-term trajectory remained uncertain due to geopolitical tensions around the world.
Experts weigh that the discovery in Hunan represents a significant advancement in mineral exploration and could reshape global perceptions of available gold reserves.
As demand for gold continues to rise amid economic uncertainties, this find may also influence global gold prices and investment strategies moving forward.
