China uncovers supergiant gold deposit
A groundbreaking discovery in China's Hunan province has sent shockwaves through global gold markets.
A newly discovered gold ore deposit in China is not just massive—it’s described as "supergiant." Chinese experts claim it could be the largest precious metal deposit in the world, surpassing all others, not just gold ore, Caliber.Az reports per foreign media.
So, how substantial is this “supergiant” deposit beneath the Wangu gold field in Hunan province? Experts estimate it contains around 1,100 tons of gold.
According to Chinese state media, a team of geologists identified over 40 gold veins, totaling about 330 tons of gold ore, located 6,600 feet deep under Pingjiang County’s Wangu gold field. However, 3D modeling suggests the deposit could be much larger, potentially reaching up to 1,100 tons at depths of up to 9,800 feet. If these models prove correct, the entire deposit could be worth an estimated $83 billion.
Adding to the significance of this discovery, a report revealed that the newly found deposit contains 138 grams of gold per metric ton of ore, a highly valuable concentration not often seen in gold mining. "Many drilled rock cores showed visible gold," stated Chen Rulin, an ore-prospecting expert at China’s Hunan Province Geological Bureau, according to Chinese state media.
If the estimated 1,100 tons of gold proves accurate, this discovery would surpass even South Africa’s South Deep gold mine, which holds 1,025 tons, making it the largest gold mine in the world, according to Mining Technology. Mines in Indonesia, Russia, New Guinea, and Chile complete the top five largest gold mines, with the Carlin Trend and Cortez gold mines in Nevada ranked sixth and tenth, respectively.
Historically, the world has extracted a total of 233,000 tons of gold, all of which remains in circulation in some form, with two-thirds of that amount mined since 1950.
As the world’s leading gold producer, China accounts for about 10 per cent of global production. The country is highly reliant on the metal, consuming roughly three times more gold than it mines each year. This massive demand forces China to import vast quantities of gold, making it the top importer of the precious metal. The recent discovery has made waves in global gold markets, causing the price to surge to $2,700 per ounce.
And the gold news may not end there. Liu Yongjun, vice head of the bureau, revealed that additional gold ore was found when drilling in the surrounding areas of the site.
By Naila Huseynova