China Discovers 'Supergiant' Gold Reserve Worth Nearly $83 Billion In Hunan - All You Need To Know

(MENAFN- Live Mint) China discovered the world's largest deposit of gold this month - with an estimated worth of ¥600 billion. Geologists have identified 40 gold veins containing an estimated 300 tons of the precious metal at depths of up to two kilometers. Officials believe that there are more than 1,000 tons of gold reserves at a depth of over 3,000 meters in the area.

Ore-prospecting experts with the Geological Bureau of Hunan Province said many of the drilled rock cores had shown visible gold during the preliminary assessment. Gold was also found during drills around peripheral areas - unearthing promising prospects. Core samples suggest that each metric ton of one could yield as much as 138 grams of gold.

Chinese authorities will now be required to conduct feasibility studies in order to identify the actual reserves. The find is valued around $83 billion and initial exploration suggests that it is the largest gold reserve ever uncovered. The recent discovery surpasses the South Deep mine in South Africa which holds about 900 metric tons of ore.

The discovery was made at the Wangu gold field in Pingjiang County - located in central China. However a report by Hunan Gold Corporation notes that the commercial value of the resource remains unclear due to its depth. It is also not certain whether development is possible or economically viable in the area. The company - which has some mines in the goldfield - saw its shares surge soon after the discovery was announced.

China is the world's largest gold producer and accounts for around 10% of global output in 2023. Data from the World Gold Council also suggested that the country has 2,235.39 tonnes of gold reserves last year - separate from reserves held by Taiwan, Hong Kong and other areas over which it claims administrative authority.

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