A Groundbreaking Discovery at Wangu Gold Field
In a significant geological find, China has uncovered the world’s largest gold deposit, located in the Wangu gold field in Pingjiang County, central China. Estimated to be worth ¥600 billion (approximately $83 billion), the deposit is believed to contain over 300 tons of gold, found at depths reaching up to two kilometers below the surface. Experts are optimistic that the total reserves could exceed 1,000 tons, marking it as one of the most valuable gold discoveries in history.
Experts Predict Over 1,000 Tons of Gold Reserves
According to geologists from the Geological Bureau of Hunan Province, the area holds 40 gold veins, with an estimated 300 tons of gold identified during initial exploration. Further exploration suggests that the region could hold more than 1,000 tons of gold at depths deeper than 3,000 meters. Early core samples have shown visible gold, with one metric ton of rock potentially yielding as much as 138 grams of the precious metal, raising the hopes for extensive mining potential.
By Michael Specter
Potential for Commercial Viability Remains Unclear
While the discovery is groundbreaking, its commercial feasibility is still uncertain. Officials from Hunan Gold Corporation, which operates in the Wangu gold field, have acknowledged that the commercial value of the resource is unclear due to its great depth. The company also pointed out that whether it will be economically viable to develop this deposit remains to be determined. However, shares of the company surged after the announcement, indicating the immense interest generated by this historic find.
Largest Gold Reserve Surpasses South Africa’s South Deep Mine
This new discovery has now surpassed South Africa’s South Deep mine, previously considered the largest gold deposit, which holds about 900 metric tons of ore. The Wangu find is poised to redefine global gold reserves, placing China at the center of the global gold industry, further cementing its position as the world’s largest gold producer. In 2023, China accounted for approximately 10% of the global gold output.
China’s Growing Gold Reserves and Global Impact
This discovery comes at a time when China continues to expand its gold reserves. According to the World Gold Council, China held 2,235.39 tons of gold reserves last year, not including reserves held by regions like Taiwan and Hong Kong, which China claims as part of its territory. The find at Wangu further boosts China’s standing in the global gold market and could have lasting economic and geopolitical implications.
