Chinese technicians have reported the discovery of the largest gold deposit in the world. The Hunan Provincial Geological Institute details that it contains estimated reserves of 1,100 tons, which are valued at 600,000 million yuan, equivalent to about 83,000 million dollars or 79,000 million euros. Thus displacing the 1,025 tons of gold from the South African mine, according to Mining Technology, which until now held the title of the largest gold reserve on the planet.
According to the ‘South China Morning Post’, specialists have classified the discovery as a “massive” reserve. In a statement, the institute has also highlighted that this finding is “important to help safeguard the security of the country.”
The discovery was made in the Wangu gold field in central China’s Hunan province. The first reports indicate that 300 tons have been identified at 2,000 meters deep, and it is considered that at 3,000 meters the quantities could be much higher.
The deposit was identified through 3D geological modeling, which made it possible to locate 40 veins of gold ore. And various drilled rock cores showed visible gold, with concentrations of up to 138 grams per ton of mineral.
This has been a long-term bet by the Chinese government that has ended up bearing fruit after it began in 1991, and its allocation increased after 2010 thanks to the “Strategic Action to Advance National Prospecting 358.”
What are the implications of the finding?
Chen Rulin, an expert in mineral prospecting, has emphasized to the state agency Xinhua both the quality of the gold found and its strategic importance for global mining. This discovery reinforces national gold reserves and their ability to guarantee the supply of this strategic resource. And it is that China is already the largest gold producer in the world. In 2023, it covered 10% of global production, according to the World Gold Council.
Forbes estimates that 80% of global gold production goes into manufacturing of electronic devices Due to its conductive properties, gold is used in smartphones, computers or medical equipment. And currently, it is considered a safe haven in times of crisis like the current one. So this finding It is a significant achievementeven more so because Liu Yongjun, deputy director of the Hunan Geological Survey, also emphasized that detected traces of gold in peripheral areas. Which could mean finding new discoveries in the region.
Goldman Sachs Group predicts that the price of gold will reach $3,000 an ounce by the end of next yeararound 12% more than current prices. In sum, this event represents a coup for Chinaat a time when the arrival of Trump and the technological and tariff war strain the markets.
#China #finds #largest #gold #deposit #world
