China has made a groundbreaking discovery of the world’s largest known gold deposit, located in the Wangu goldfield in Pingjiang County, Hunan Province, central China. The find is estimated to be worth over $80 billion and could yield more than 1,000 tonnes of gold. This discovery consists of 40 gold veins, which are long, narrow channels containing gold, at a depth of about one mile. Initial test drilling has already revealed 300 tonnes of gold, with further reserves potentially at greater depths.
Drilled rock cores have shown visible gold, and subsequent tests have found more gold in peripheral areas, indicating that the deposit may be even larger than initially estimated. If fully extracted, the deposit could generate over 600 billion yuan (approximately $83 billion). This discovery has led to a rise in global gold prices, though its long-term impact remains uncertain due to global geopolitical tensions.
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The Wangu goldfield is a critical mining site for China, with the country investing nearly 100 million yuan in exploration efforts. China is a global leader in gold production, accounting for about 10% of the world’s gold supply as of 2023. This discovery is seen as strategically significant for China, as it strengthens the country’s resource security amid increasing global demand for gold and uncertainties in the global market. Additionally, China leads in mining technology development and is focused on reducing carbon emissions in its mining processes.
