China discovers $83 billion worth of gold reserve in Wangu gold field; details inside

The world’s largest deposit of gold has been reportedly found in the Hunan province of China. As per reports, the estimated worth of the gold is ¥600 billion ($82 billion). According to Chinese state media outlet Xinhua News, geologists have located 40 gold veins, which contain approximately 300 tons of yellow metal at a depth of two kilometres. The reserves were identified in the Wangu gold field in Pingjiang County, which is located in central China.

The report also cited officials who claim that more than 1,000 metric tonnes of gold reserves can be found at a depth of over 3 kilometres in the area located in the Hunan Province.

Geological Bureau of Hunan Province’s ore-prospecting experts also said that many of the drilled rock cores had shown visible gold during a preliminary assessment. Additionally, the experts found the precious yellow metal while drilling around the peripheral areas. The report also said that the core samples suggest that each metric ton could yield as much as 138 grams of gold.

The Chinese authorities are likely to conduct feasibility studies to identify the actual reserves. As of now, the amount of gold likely to be present in the ore is valued around $83 billion.

The recent discovery, with the potential to have 1000 tons of gold reserves, surpasses the South Deep mine in South Africa, which holds nearly 900 metric tons of gold reserves.

The Hunan Gold Corporation, which undertook the exploration, claims that the exact commercial value of the resource remains unclear due to its depth. The company added that it has not conducted feasibility studies to evaluate whether the extraction is economically viable.

According to World Gold Council data, China was the world's largest gold producer in 2023. The country contributed nearly 10% to the total global output of the yellow metal in 2023 and had 2,235.39 tonnes of gold reserves.