It was the geological bureau of Hunan province which discovered this underground gold deposit, which contains around 1,000 tonnes of this metal, the equivalent of 83 billion dollars. It therefore exceeds the estimated 900 tonnes of the legendary South African South Deep mine, in the Gauteng province and could thus constitute the largest gold reserve ever discovered in the world.
The first drillings revealed exceptional concentrations of the ore, suggesting even greater reserves in the depths of the Chinese subsoil. China, which was already largely dominant on the global gold market and was already banking on this precious metal, therefore finds itself in a very good position.
A deposit with exceptional characteristics
Forty gold veins have been identified up to two kilometers deep, representing alone 300 tonnes of gold. Three-dimensional modeling carried out during the measurements suggests that the deposit could extend up to three kilometers underground.
Even more remarkable, the gold content of the ore reached extraordinary levels: 138 g per tonneor more than 17 times the concentration considered as “ high quality » in the underground mining industry, set at 8 g per tonne. To put this into perspective, most gold mines currently operating in the world work with average grades of between 1 and 5 g per tonne. The South African South Deep mine, previously considered the largest gold deposit in the world, has significantly lower concentrations.
Strengthened Chinese domination of the global market
This discovery consolidates China’s position as a major player in the gold market. The country, which already had more than 2,000 tonnes of reserves at the start of 2024, provides around 10% of global productionfar ahead of its direct competitors like Australia or Russia. In the years to come, the country could thus increase its production capacity and further extend its influence on the industry.
Chen Rulin, prospector of the Geological Bureau, underlines the rather unique character of the deposit : « Many drill cores showed gold visible to the naked eye », a rare indicator of the richness of the ore. Experts believe that exploitation of this deposit could begin quickly, as China already has the necessary infrastructure and technologies in the region.
When China shakes the price of gold
The announcement of this discovery immediately impacted the financial markets, causing a further rise in the price of gold. This, already in strong growth for several months, is therefore seeing its value appreciate further. Sector analysts will necessarily have to revise their estimates of global reserves.
This discovery suddenly calls into question the theory of “ pic de l’or » which predicted a gradual exhaustion of exploitable deposits. Since good news rarely comes alone: the first results of drilling on the outskirts of the site suggest that the deposit could extend well beyond of the area initially identified. Bingo!
- A 1,000 tonne gold deposit has been discovered in China, surpassing the South Deep mine and reaching an exceptional grade of 138g per tonne.
- The purity of the ore (138 g per tonne) makes it a potentially very profitable mine for the country.
- This discovery will strengthen Chinese dominance in the gold market in the future and has already driven up global gold prices.
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