China claims to have found the largest known gold deposit in the world, which is valued at over $80 billion (£63 billion).
Chinese state media cited the Geological Bureau of Hunan as stating that the Wangu goldfield deposit in central China may produce over 1,000 tons of gold.
The agency reported that 40 gold veins—long, shallow cracks in metal-rich rocks—had been found in Pingjiang County, Hunan province, around a mile deep.According to geologists, these rocks alone may contain 300 tons of gold, and deeper levels may contain further reserves.
According to Chen Rulin, a geologist and ore prospector at the bureau, “many drilled rock cores showed visible gold.”
More gold was discovered in test holes close to the site’s “peripheral areas,” indicating that the deposit might be significantly bigger.
Over 1,000 metric tonnes of the precious metal might be found at the location overall, which would generate over 600 billion yuan, or roughly $83 billion (£65 billion), at current rates.
Following the announcement of the finding, gold prices increased globally, but the long-term trend was unclear because of global geopolitical concerns.
In the midst of global uncertainty, China’s demand for the precious metal has soared. Furthermore, the Hunan Provincial Geological Institute claims that the most recent discovery may be “significant in helping safeguard the country’s resource security.”
One of China’s most important mining areas is the Wangu goldfield, where the nation has spent around 100 million yuan on mineral exploration.
As of 2023, China accounted for almost 10% of global gold production.
The country leads the world in mining and produces the majority of the precious metals used to create the latest models of devices and batteries.
In the process of creating innovative methods to lower carbon emissions, it also leads the world in the export of mining technology.
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