Major Gold Discovery in China
A significant gold deposit has been discovered in central China's Hunan province, with estimated reserves exceeding 1,000 tonnes. The discovery, located in the Wangu gold field in Pingjiang County, was announced by the local Geological Survey and is believed to be one of the largest in the world. Preliminary analyses indicate that 300 tonnes of gold have been identified at a depth of 2,000 meters, while estimates suggest that total reserves could reach up to 1,100 tonnes at depths of 3,000 meters. The total value of this gold deposit is estimated at 600 billion yuan, equivalent to approximately 83 billion US dollars or 78 billion euros.
Quality and Strategic Importance
The quality of the gold found in this deposit is noteworthy, with concentrations reaching up to 138 grams per tonne of ore. Mineral prospecting expert Chen Rulin emphasized the strategic importance of this discovery for China's mining industry. Advanced prospecting technologies, including 3D geological modeling, played a crucial role in locating the gold veins with precision. Additionally, traces of gold have been detected in surrounding areas, indicating the potential for further discoveries in the region.
Implications for the Gold Market
This discovery is poised to impact the global gold market significantly. Following the announcement, gold prices briefly surged, reflecting the market's reaction to the potential influx of new gold supplies. China, already the largest gold producer in the world, produced approximately 378.2 tonnes of gold in 2023. Plans are underway to begin drilling at the site early next year, with investigations expected to take six years to complete. This find not only strengthens China's national gold reserves but also positions the country as a key player in the global gold market.
