An extraordinary gold deposit, a veritable underground mountain, has been discovered in the Hunan province in China. The discovery could shake up the mining industry and strengthen China's position as a world leader in gold mining.
Beneath the Wangu goldfield, more than 40 gold veins have been detected by geologists. At a depth of 2,000 meters, initial analyzes already estimate the reserve at 330 tonnes of gold. But computer models suggest a much larger potential: 1,100 tons, the equivalent of eight times the weight of the Statue of Liberty.
This deposit is also distinguished by the exceptional purity of its ore. With a concentration of 138 grams of gold per ton of rock, it far exceeds the average worldwide. This wealth also translates into an estimated value of $83 billion.
This potential record would surpass the South Deep mine in South Africa, previously considered the largest gold reserve with 1,025 tonnes. However, extracting this gold will not be easy. The deposit goes down to 3,000 meters, a depth that requires advanced and expensive extraction technologies.
The economic implications of this discovery are immense. Booming on the world market, the price of gold is close to $2,800 per ounce. This precious metal remains a safe haven in the face of geopolitical and economic uncertainties.
China, already the world's leading producer of gold, however, consumes much more than it produces. With more than 370 tonnes used each year, notably for its bank reserves, this new deposit will not be enough to meet its demand. In 2023, the Chinese central bank added 225 tonnes to its reserves, illustrating an accumulation strategy in the face of volatility markets.
In addition, the mineral wealth of the Hunan region opens up promising prospects. Other drilling in peripheral areas suggests that other riches could be hidden there, further strengthening the country's strategic position.
This discovery nevertheless highlights a striking reality: the scarcity of gold. Since ancient times, only 234,000 tons of this metal have been mined. If all the gold mined formed a cube, it would measure barely 22 meters on each side, reminding us how point each new vein has great importance.
