China discovers the world's largest gold reserve, valued at an impressive $80 billion, and promises to revolutionize mining in the country. Check out all the details of this historic discovery!
In the last week of December 2024, the Chinese government announced a monumental discovery that could redefine the course of global mining. This is the largest reserve of high-quality gold ever found in the world. According to Chinese authorities, this deposit, valued at an impressive US$80 billion, could 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 on the planet may contain 1.100 tons of ore
In total, more than 330 tons of gold were detected in the $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 may be up to 1.100 tons hidden around 3 meters deep. To give you an idea, this value is eight times the weight of the Statue of Liberty.
The largest gold reserve on the planet, a true natural treasure, is located in the Wangu field, in the mountainous province of Hunan, located in southern China.
The area is already known for its gold reserves, but the discovery of new underground deposits has surprised even the most optimistic. Recently, small amounts of gold have been found during test drilling in peripheral areas of the region, raising hopes that there are large reserves waiting to be explored.
New mining technologies were used in the largest gold reserve on the planet, including 3D geological modeling, a computer representation of the geology in which sample data is collected through drilling, characterizing the structures and all the geochemistry. And that is how the gold deposit was located.
Global mining sector to change with $80 billion gold reserve
Chinese authorities have yet to reveal that 138 grams of gold per metric ton of ore was found, which is relatively high compared to most gold mines in the world.
Projections indicate that the estimated value of all the gold found is US$83 billion (a staggering R$495 billion). The largest gold reserve on the planet has had a significant impact on the mining industry and the global economy.
The price of gold has risen to around US$2.700 per ounce (or $95.240 per kilogram), close to the all-time high reached earlier this year. However, the Chinese are looking to the future, and although the country is already the world’s largest gold producer, accounting for about 10% of global output last year, demand for gold far exceeds domestic production. Thus, the discovery of the $80 billion gold reserve could mean that Beijing will no longer need to import the ore from countries such as Australia and South Africa.
What is the second largest gold reserve on the planet?
The new reserve could further increase China's share of the mining market, affecting global gold supply and prices.
Before the discovery of the largest gold reserve on the planet, reported by China last month, the title of largest gold reserve in the world belonged to the gold mine South Deep, Gauteng Province, South Africa, where around 2022 tons of gold were found in 930.
According to information from the World Gold Council, China was the country that bought the most precious metal among all countries in the world last year, calculating purchases at 225 metric tons.
A happy birthday may God always bless your life srfreitas
Whoever believes that a closed country like China could be news that would bring down the price of gold and make the world price fall? It's hard to believe!
I don't believe in this discovery, like many other things that are said about China. It's all just an attempt to show the world the power and capacity of the Chinese.