China Unveils Discovery of World's Largest Gold Deposit in Hunan Province
Geologists report significant gold reserves in China, potentially reshaping global gold production and trade.
Chinese geologists have announced the discovery of a substantial gold deposit in Hunan province, located in the eastern part of the country.
The Wangu gold field has been mapped to contain 40 exploitable gold ore veins with an estimated 330 tonnes of gold reserves.
However, predictions based on 3D modeling suggest that the total could be as high as approximately 1,100 tonnes at a depth of 2,000 meters.
The concentration of gold in the ore is reported to be unusually high, at 138 grams per tonne, which could enhance the economic viability of the extraction process and significantly increase the deposit's value.
This information was initially released by Chinese state media, and independent sources or international geological experts have yet to corroborate the findings.
Consequently, the response from both the industry and the financial markets remains cautious despite an observed increase in gold prices on various exchanges.
If confirmed, the Wangu gold field would surpass the title of the largest gold deposit globally, currently held by South Deep mine in South Africa.
China, already recognized as the world's largest gold producer, also serves as the leading importer of gold, primarily due to extensive use in industries such as electronics and automotive manufacturing.
The significance of the newly discovered 1,100-tonne deposit is highlighted by the fact that current global gold production is approximately 3,300 tonnes annually.
The Wangu gold field has been mapped to contain 40 exploitable gold ore veins with an estimated 330 tonnes of gold reserves.
However, predictions based on 3D modeling suggest that the total could be as high as approximately 1,100 tonnes at a depth of 2,000 meters.
The concentration of gold in the ore is reported to be unusually high, at 138 grams per tonne, which could enhance the economic viability of the extraction process and significantly increase the deposit's value.
This information was initially released by Chinese state media, and independent sources or international geological experts have yet to corroborate the findings.
Consequently, the response from both the industry and the financial markets remains cautious despite an observed increase in gold prices on various exchanges.
If confirmed, the Wangu gold field would surpass the title of the largest gold deposit globally, currently held by South Deep mine in South Africa.
China, already recognized as the world's largest gold producer, also serves as the leading importer of gold, primarily due to extensive use in industries such as electronics and automotive manufacturing.
The significance of the newly discovered 1,100-tonne deposit is highlighted by the fact that current global gold production is approximately 3,300 tonnes annually.
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