Scientists in China have recently discovered a massive gold deposit worth over $80 billion near existing gold mines in the Wangu gold field in Hunan province. This deposit is considered a “supergiant” reserve and is believed to be one of the largest single reservoirs of gold left on Earth. The discovery has caused the global price of gold to rise to near-record highs, reaching around $2,700 per ounce.
Researchers drilled down to a depth of 6,600 feet and identified more than 40 veins of gold ore containing an estimated 330 tons of gold. Using 3D computer models, experts predict that there could be up to 1,100 tons of gold hidden at depths of up to 9,800 feet, making it potentially the largest known natural stockpile of gold on the planet.
The quality of the gold ore in this new deposit is relatively high, with 138 grams of gold per metric ton of ore. Many drilled rock cores showed visible gold, indicating the richness of the deposit. Test drills around the site’s peripheral areas also revealed more gold, suggesting the presence of additional large deposits waiting to be tapped in the future.
China is already the biggest producer of gold globally, accounting for approximately 10% of the world’s output. However, the country consumes three times more gold than it can produce, leading to heavy reliance on imports from countries like Australia and South Africa. The new gold deposit could help address this imbalance, but it would only meet China’s gold needs for around 1.4 years based on current consumption rates.
As of 2022, the largest known remaining gold reserves are located in South Africa’s South Deep gold mine, with approximately 1,025 tons of gold. The discovery of this new deposit in China has sparked excitement in the mining community and the global economy, with the price of gold reaching new heights. Despite the vast amount of gold mined throughout history, it is estimated that if all the gold ever mined were melted down, it would only fill a cube measuring 72 feet across.
This significant discovery highlights the continued importance of gold as a valuable resource and the ongoing exploration efforts to uncover new deposits. With the potential for future developments in mining technology and exploration, there may be more discoveries of this scale to come in the future.
