Great gold deposit gets detected in China
Date
11/26/2024 7:14:03 AM
(MENAFN) A significant Gold deposit has been found in southern China, with estimated reserves exceeding 1,000 tons, valued at around $83 billion, according to Xinhua news agency. The discovery, located at the Wangu gold field in Pingjiang County, Hunan Province, was reported by the region's geological bureau. Geologists uncovered over 40 gold veins within 2,000 meters of depth, with visible gold observed in many rock cores. The deposit's potential extends to 3,000 meters, and modern ore prospecting technologies, such as 3D geological modeling, were used in the discovery.
This find coincides with surging gold prices, driven by global economic uncertainty, a weaker US dollar, and rising demand from central banks. China, the world's leading gold producer, accounted for 10% of global output in 2023. The People's Bank of China (PBOC) also significantly increased its gold reserves, adding 225 tons last year.
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