Key information
- The discovery in Hunan province contains more than 40 gold veins that extend to a depth of 6,600 feet.
- The first results indicate the presence of approximately 330 tonnes of gold, which could reach up to 1,100 tonnes.
- The estimated value of the deposit is approximately $83 billion.
Chinese scientists have made a remarkable discovery near existing gold mines in Hunan province. They have uncovered a vast deposit of high-quality gold ore, potentially the largest reservoir of this precious metal remaining on Earth.
This “supergiant” deposit, located in the Wangu Goldfield, contains more than 40 gold veins extending to a depth of 6,600 feet. The first discoveries indicate the presence of around 330 tonnes of gold. Using 3D computer models, experts predict the actual quantity could reach a staggering 1,100 tonnes, potentially weighing eight times that of the Statue of Liberty. Its value would then be estimated at around $83 billion.
Exceptional quality and future prospects
The quality of this newly discovered deposit is exceptional, with a maximum concentration of 138 grams of gold per metric ton of ore, significantly higher than most other gold mines in the world. Experts have confirmed the presence of visible gold in numerous drilled rock cores.
Further exploration on the outskirts of the site has revealed additional gold deposits, suggesting that even greater reserves await discovery. This discovery has immense implications for the global mining industry and the global economy.
The overall impact and market of gold in China
The impact of this discovery is already being felt, with the price of gold having jumped to nearly $2,700 per ounce, approaching a record set at the start of the year. This increase, despite a potential increase in gold supply, highlights the significant influence of the Chinese mining sector on global markets.
China, which is currently the world’s largest gold producer, accounts for around 10 percent of global production. However, its demand consistently exceeds its production, requiring imports from countries like Australia and South Africa. While this new deposit could alleviate this dependence, it would not entirely solve the problem. Based on current consumption rates, the entire deposit would only meet China’s needs for about 1.4 years.
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