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China Finds The Largest Gold Reserve In The World, Valued At An Impressive US$ 80 Billion, And Promises To Revolutionize Mining In The Country. Check Out All The Details Of This Historical Discovery!
The Chinese government announced, in the last week of December 2024, a monumental discovery that could redefine the course of global mining. It is the largest high-quality gold reserve ever found in the world. According to Chinese authorities, this deposit, valued at an impressive US$ 80 billion, may be the largest ever recorded in history. Check out the details of this discovery that promises to transform the mining market and the global economy.
Largest Gold Reserve In The World Could Contain 1,100 Tons Of Ore
In total, more than 330 tons of gold were detected in the US$ 80 billion gold reserve at a depth of up to two thousand meters, according to the Geological Bureau of Hunan Province (GBHP). However, estimates indicate that there could be up to 1,100 tons hidden about 3,000 meters deep. To give you an idea, this amount is eight times the weight of the Statue of Liberty.
The largest gold reserve in the world, a true natural treasure, is located in the Wangu field, in the mountainous province of Hunan, located in southern China.
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The site is already known for its gold reserves, but the discovery of new underground deposits surprised even the most optimistic. Recently, small amounts of gold were found during test drilling in peripheral areas of the region. This raised hopes for the existence of large reserves waiting to be explored.
New ore prospecting technologies were used in the largest gold reserve in the world, including 3D geological modeling, a computational representation of the geology in which sample data is collected through drilling, characterizing the structures and the entire geochemistry. And that’s how the gold deposit was located.
Global Mining Sector Will Change With US$ 80 Billion Gold Reserve
Chinese authorities have yet to reveal that 138 grams of gold were found per metric ton of ore, which corresponds to a relatively high value compared to most gold mines in the world.
Projections indicate that the estimated value of all the gold found is US$ 83 billion (an impressive R$ 495 billion). The largest gold reserve in the world has made a significant impact on the mining industry and the global economy.
The price of gold rose to around US$ 2,700 per ounce (or US$ 95,240 per kilogram), nearing its all-time high, reached earlier this year.
However, the Chinese are looking to the future, and although the country is already the largest gold producer in the world, responsible for about 10% of global production last year, its demand far exceeds domestic production. Thus, the discovery of the gold reserve worth US$ 80 billion may mean that Beijing will no longer need to import ore from countries like Australia and South Africa.
The Second Largest Gold Reserve In The World
The new reserve could further increase China’s share in the mining market, affecting the supply and global prices of gold.
Before the discovery of the largest gold reserve in the world, reported by China last month, the title of the largest gold reserve in the world belonged to the South Deep gold mine in Gauteng Province, South Africa, where about 930 tons of gold were found in 2022.
According to information from the World Gold Council, China was the country that bought the precious metal the most among all countries in the world last year, with purchases totaling 225 metric tons.
Source: Infomoney
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