In an extraordinary discovery, China’s Hunan province has uncovered what could be the largest gold deposit in the world. As reported by Xinhua news, this deposit, which is located in Pingjiang County, is believed to contain around 1,000 metric tonnes of high-quality ore, valued at 600 billion yuan, which surpasses the previous record-holder, South Africa’s South Deep Mine, which contains 930 metric tonnes of gold. The report further stated that exploration teams have already identified 40 gold veins underground yielding an estimated 300 metric tonnes of gold.

Gold experts, including Chen Rulin from the Geological Bureau, quoted by Xinhua, said that visible gold was found in several drilled rock cores, which supports the deposit’s vast potential. The gold found in the 2,000-meter range contains up to 138 grams per tonne of ore. As new prospecting technologies, like 3D geological modeling, are implemented, further exploration of the Wangu gold field is expected to reveal even more promising results.

Implications for the Gold Industry in the Global Market

After the announcement of this discovery, gold prices across the world rose sharply. Market analysts have kept their outlook positive on gold due to major factors surrounding it to provide support to the yellow metal. This discovery is going to boost the Chinese economy as the demand for gold in China is rising constantly.

The Wangu goldfield, located in one of China’s most critical mining hubs, has received significant attention following this major discovery. China, which is a leader in global gold production, accounted for about 10% of the world’s gold output in 2023 as per reports from the World Gold Council. With nearly 100 million yuan invested in mineral exploration in the area, the discovery will have a major impact on China’s growing importance in the gold sector but also points to a potential shift in global mining trends in the future.

Other Largest Known Gold Reserves

Even though China dominates the gold production in the world, other countries also have major mines that carry the gold production to serve the never-ending appetite for gold. Nevada gold mines in the US account for 2.9% of the global gold production. Muruntau gold mines in Uzbekistan account for 2.6%. Prior to this discovery, the world’s largest gold reserves were found in mines such as China Deep Gold Mine (South Africa), Grasberg Gold Mine (Indonesia), and Olimpiada Gold Mine (Russia), among others. The new Chinese deposit could easily surpass these reserves, which is expected to give China a significant edge in the mining and production of gold in the years to come.