China Unveils the World Largest Gold Deposit, Valued at ¥600 Billion
In a groundbreaking discovery, China has uncovered the world’s largest gold deposit, estimated to be worth ¥600 billion ($83 billion). Located in Pingjiang County, central China, the Wangu gold field is home to 40 gold veins that together contain an estimated 300 tons of gold. Early exploration suggests that the deposit could hold over 1,000 tons of gold at depths exceeding 3,000 meters.
Geologists from the Geological Bureau of Hunan Province, who have been prospecting the area, reported visible gold in several of the drilled rock cores. Early tests suggest that each ton of ore may yield as much as 138 grams of gold. Additional drilling around the perimeter of the field has uncovered promising signs of more gold in surrounding areas, further indicating the vastness of the find.
However, authorities are proceeding cautiously. Feasibility studies will be conducted to assess the economic viability of extracting the gold, especially considering the depth at which it is located. Experts are unsure if it will be commercially feasible to develop the resource, but the discovery’s immense scale has already generated significant interest.
The Wangu gold field’s discovery surpasses the South Deep mine in South Africa, which holds 900 metric tons of gold ore, making it the largest gold reserve ever uncovered globally. While the commercial potential remains uncertain, the initial findings have sent shares of Hunan Gold Corporation, which operates some mines in the area, soaring.
This discovery comes at a time when China continues to dominate the global gold market. As the world’s largest gold producer, the country accounted for approximately 10% of the world’s gold output in 2023. With 2,235.39 tonnes of gold reserves reported last year, China’s position as a global leader in gold production and reserves is further solidified.
While the future of the Wangu gold field remains uncertain, this discovery marks a monumental step in the world of mining and natural resources.
