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With an estimated value of over $80 billion, China has discovered the biggest known gold mine in the world.
The Geological Bureau of Hunan estimates that this enormous find, which is situated in the Wangu goldfield in central China, might produce over 1,000 tons of gold.
There are 40 gold veins—long, thin channels that are packed with gold—at a depth of almost one mile at the location in Pingjiang County, Hunan Province.
300 tonnes of gold have already been found during early test drilling, and there may be further deposits at deeper levels.
Gold has also been apparent in rock cores that have been drilled, and more gold has been discovered by test drilling in the site’s surrounding regions, indicating that the deposit may be substantially greater.
The complete realization of the gold deposit might yield over 600 billion yuan, or over $83 billion (£65 billion).
Global gold prices have increased as a result of this finding, but future trends are still unpredictable because of ongoing geopolitical tensions.
The discovery is also seen as essential for bolstering China’s resource security, given the country’s rising need for gold amid global unpredictability.
China has invested around 100 million yuan in mineral exploration in the Wangu goldfield, making it a crucial mining region.
About 10% of the world’s gold is produced in China as of 2023, and the country leads the world in mining and the manufacturing of precious metals, especially for the expanding electronics and battery sectors.
The country is also at the forefront of mining technology development and export, including initiatives to reduce carbon emissions from mining operations.