A gold deposit worth $80 billion was discovered in central China. This is the largest deposit of this metal discovered in the world to date.
The largest known gold deposits in the world have been discovered in Hunan province in central China. Its value is estimated at more than $80 billion.
The deposit could contain more than 1,000 tons of gold, Chinese state media reported, quoted by the Hunan Geological Bureau. The resources are at a level up to 3,000. meters underground.
The detection of 40 gold veins was announced, with the highest gold density reaching 138 g per tonne. The rocks themselves can contain 300 tons of ore, and larger reserves can be found in deeper layers. “Many of the drilled rock cores showed visible gold,” said Chen Rulin, a geologist and prospector. Test drilling showed that the deposit could be even larger. A gold vein is the name of a geological formation in which gold is concentrated in a crack in underground rock. Veins are formed by hydrothermal processes in which hot, mineral-rich fluids move through cracks in the Earth’s crust.
High demand for gold
The Independent reports that the global gold price has risen after the discovery was announced, but the long-term price projection remains uncertain due to geopolitical tensions around the world.
Demand for the precious metal has soared in China amid global uncertainty. And the latest discovery, according to the Hunan Provincial Geological Institute, “could make a significant contribution to protecting the country’s resource security.”
The Wangu mine is one of the most important mining centers in China, which has invested nearly 100 million yuan (over US$13 million) in mineral exploration in the area.
“China is the world’s largest gold producer, accounting for about 10% of global production in 2023, according to data from the World Gold Council. Before the discovery in the People’s Republic of China, the title of the largest gold reserve in the world belonged to the South. Deep mine in the Gauteng province of South Africa, containing approximately 930 tonnes of ore,” PAP describes.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
