Detail

The new deposit is located near the existing Wangu gold mines in northeastern Hunan province. Workers initially discovered more than 40 gold veins containing approximately 330 tons of gold at a depth of 2,000 meters. However, mining experts using 3D computer models predicted that: Up to 1,100 tons of metal can be stored at depths of up to 3,000 meters. This statue is eight times heavier than the Statue of Liberty, Channel 24 reported, citing Xinhua.

If true, the entire deposit would likely be worth about 600 billion yuan (US$83 billion), officials at a mining company investigating the deposits said.

The new deposit contains a maximum of 138 grams of gold per metric ton of ore, which is relatively high compared to most other gold mines in the world, officials said.

Visible gold was visible in many of the drilled cores.
Mineral exploration expert Chen Rulin told state media:

Experts say more gold has been found in test drilling around the “peripheral zones” of the new facility, indicating larger deposits to be discovered in the future.

Tracking the amount of gold remaining in various mines around the world is difficult due to the variability of production rates at each site and the lack of transparency in reporting the results. However, as of 2022, the largest known gold reserve on Earth is in South Africa’s Southern Deep deposit, which contains approximately 1,025 tonnes (930 metric tons) of gold. This means the new deposit could be the largest known natural gold reserve on the planet.

China is already the world’s largest gold producer and will account for about 10% of global production in 2023, according to Reuters. But the country still uses more gold than it can produce and consumes three times more precious metals than it can extract. As a result, China relies heavily on gold imports from countries such as Australia and South Africa.

A new gold deposit may help alleviate this problem, but it will not solve the problem completely. Based on current consumption rates, the entire deposit will last only 1.4 years.

But in any case, it may not lead to very pleasant results. Besides the obvious benefit of accumulating and selling gold, This metal is used as an effective conductor in modern technologies.. With greater access to resources, the tech industry could gain some momentum.