Janice R. Andrews
Major Gold Ore Deposit Unveiled in China
Geologists in China have uncovered a massive gold ore deposit that could be the largest in the world. Located beneath the Wangu gold field in Hunan province, this “supergiant” deposit is estimated to contain 1,100 tons of gold, extending as deep as 9,800 feet below ground. If the estimates are accurate, this discovery would surpass South Africa’s South Deep gold mine, which holds 1,025 tons of gold reserves.
Initial reports revealed over 40 gold veins containing approximately 330 tons of gold ore, located at depths of 6,600 feet. However, 3D modeling suggests the deposit may actually hold up to 1,100 tons, with a total potential value of around $83 billion.
The quality of the deposit is exceptional, with gold concentrations of 138 grams per metric ton, a rare find in the mining industry. Chen Rulin, an expert from China’s Hunan Province Geological Bureau, commented that “many drilled rock cores showed visible gold,” emphasizing the deposit’s high value.
If confirmed, this discovery would solidify China’s position as the world’s top gold producer, accounting for 10% of global output. Despite this, China consumes far more gold than it mines, making it the leading importer of the precious metal. This newly found deposit could greatly reduce the country’s dependence on foreign gold, causing a ripple effect in global markets. Gold prices have already risen to $2,700 per ounce in response.
But the news might not end here. Liu Yongjun, deputy head of the Hunan Geological Bureau, revealed that additional gold ore has been found in drilling around the site, suggesting the possibility of even more untapped reserves.
To date, humanity has mined around 233,000 tons of gold, with two-thirds of it extracted since 1950. This new discovery not only contributes to this total but also demonstrates the advancements in mining technology and exploration.
As the world’s demand for gold grows and reserves decrease, this extraordinary find in China has the potential to reshape both the global gold market and the future of mining. Further exploration and verification will be closely watched by the industry.
