A massive gold deposit containing around 1,000 metric tons (1,100 US tons) of gold has been discovered in central China’s Hunan Province.
The deposit is valued at approximately 600 billion yuan or US$83 billion, making it potentially the largest and most lucrative gold reserve ever uncovered, surpassing the South Deep mine in South Africa.
The Geological Bureau of Hunan Province detected 40 gold veins within a depth of 2 kilometers, containing an estimated 300 metric tons of gold. 3D modeling suggests even more reserves may exist down to 3 kilometers.
The ore quality is exceptionally high, with each metric ton estimated to contain up to 138 grams (nearly 5 ounces) of gold, compared to typical high-grade ore containing over 8 grams per ton.
China already dominates the global gold market, with reserves over 2,000 tons as of earlier 2024 and contributing around 10% of worldwide gold production.
The discovery has contributed to further increases in the already soaring gold prices as global demand continues rising amid economic uncertainty.
Experts are divided on whether we’ve reached “peak gold” globally, but this massive new find suggests there are still significant undiscovered gold reserves on Earth.
Source: ScienceAlert
