China's gigantic find: 1,000 tons of gold

Published 28 November 2024 at 15.03

Foreign. A huge gold find has been discovered in the Wangu mine field in China's Hunan Province, according to Chinese authorities. The news caused the gold price to rise almost to a new record level, writes Live Science.

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The massive deposit, which potentially contains up to 1,100 tons of gold, can be the largest single reserve of gold ever found.

The gold was discovered at a depth of 2,000 meters and is estimated to be worth around 83 billion dollars (600 billion yuan).

This corresponds to almost one trillion kroner (one thousand billion).

According to experts from the Geological Bureau of Hunan Province, the deposit contains 40 gold veins, with a gold content of up to 138 grams per ton of ore – an unusually high quality.

– Many drill cores showed visible gold, Chen Rulin, an exploration expert at the agency, told Chinese state media.

The find has received immediate effects on the world market. The gold price rose on Wednesday to near record high levels of $2,700 per ounce.

Although China is the world's largest gold producer, the country accounts for only 10 percent of global production and consumes three times as much gold as it produces.< /p>

The new deposit could supply China's gold needs for about 1.4 years, but it does not completely solve the country's dependence on imports. However, experts believe that additional reserves may be found in nearby areas.

If the calculations are correct, the deposit compares well with South Africa's South Deep mine, which until now held the record for the world's largest known gold reserve with 1,025 tons.

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