China has announced the discovery of a gold mine that may be the largest in the world, containing reserves estimated at about 300 tons of the precious metal worth over US$80 billion.
According to Chinese state media, the reserve was discovered in the Wangu gold field located in central China, specifically in Hunan Province.
It is estimated that the mine could produce more than 1,000 tons of gold over the coming years, according to the provincial geology department.
重大突破！湖南平江縣萬古金礦田探礦發現超40條金礦脈，金品位最高達138克/噸，探礦核心區累計探獲黃金資源量300.2噸。專家預測地下3000米以上遠景黃金儲量超1000噸，以現行金價計算資源價值達6000億元。#Gold #China #Hunan #TikTok pic.twitter.com/NMrnCrF6kA
— Hunan Times (@HunanTimes) November 22, 2024
The department explained that this discovery includes about 40 gold veins, narrow and long openings inside the rocks containing gold, with a depth of about a mile in Pingjiang County in Hunan.
The authority also confirmed that these rocks alone may contain about 300 tons of gold, with the possibility of discovering additional reserves in deeper layers.
The results of drilling tests conducted in the surrounding areas indicate the possibility of the presence of larger quantities of gold, which may mean that the reserves may exceed what has been announced so far, according to a report by the British newspaper The Independent.
The Wangu Gold Field is one of the most prominent mining centers in China, in which the Chinese government has invested about 100 million yuan in mineral exploration in the area.
China is one of the largest gold producers in the world. Statistics show that its production in 2023 amounted to about 10 percent of global gold production.
