Chinese state media reported that a deposit of high-grade gold ore containing about 1,000 metric tons (1,100 US tons) of gold ore, worth 600 billion yuan or 83 billion US dollars, has been found in central China.
The foundation of the reservoir was announced by the Geological Bureau of Hunan Province, which discovered 40 gold veins at a depth of 2 km (1.2 mi) in the northeastern county of Pingjiang. Science Alert.
The discovery can be described as the largest and most profitable gold deposit to date, surpassing the more than 900 metric tons of gold reserves found within the Southern Deep Mine in South Africa.
These 40 veins contained 300 metric tons of gold with further 3D modeling suggesting that additional reserves could potentially be found at a depth of 3 km. According to Live Science, this gold is expected to be eight times heavier than the Statue of Liberty.
“Many drilled rock cores show gold glints,” said Bureau prospector Chen Rulin.
Officials revealed that each metric ton can contain about 138 grams, or about 5 ounces, of gold, which is relatively high because ore mined from underground mines is considered high-grade if it contains more than 8 grams of gold. .
Core samples taken from the site indicate that the deposit may extend further than previously thought, making it a large gold deposit.
China is already the world’s largest bullion producer, accounting for nearly 10 percent of global gold production in 2023. Reuters.
However, it still consumes more gold than it produces because it consumes three times more than it produces or mines. In turn, it relies heavily on importing gold from other countries such as Australia and South Africa.
The new gold reserves in Hunan may help alleviate China’s shortage, but it won’t get the country out of the problem entirely.
At current consumption rates, the entire deposit can meet the country’s needs for about 1.4 years.