China discovers 1,100-tonne gold deposit in Hunan valued at $83 billion
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Chinese geologists have discovered a gold deposit estimated at 1,100 tonnes in Hunan province's Pingjiang county. The Wangu field reserve, confirmed by 3D modelling, is valued at about $83 billion. If verified, it would surpass South Africa's South Deep mine as the world's largest gold deposit.
Key Facts
- The Wangu gold field in Pingjiang county, Hunan province, holds an estimated 1,100 tonnes of gold.
- The deposit's market value is calculated at approximately $83 billion.
- Gold grades in the rock reach up to 138 grams per tonne, far above typical industrial mining standards.
- If confirmed, the reserve would exceed South Africa's South Deep mine, which holds 1,025 tonnes.
- China produces about 10% of the world's gold but consumes three times more than it produces.
Discovery Details
Chinese geologists identified more than 40 gold veins at the Wangu site in Pingjiang county, Hunan province. The reserve lies at a depth of approximately 3 kilometres underground. Three-dimensional modelling confirmed the presence of the deposit. Additional drilling in adjacent areas has revealed further gold deposits.
Economic Significance
The deposit's estimated value of $83 billion is based on initial calculations of the total gold ore at the site. Gold concentrations in the rock reach up to 138 grams per tonne, which is exceptionally high for industrial mining. Experts reported that gold particles are visible to the naked eye in most rock samples taken from the site. China currently produces about 10% of the world's gold but consumes three times more than it produces. The discovery could directly reduce China's dependence on gold imports.
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China discovers 1,100-tonne gold deposit in Hunan valued at $83 billion
