According to Chinese state media, a high-grade gold ore deposit containing more than 1,000 metric tons (1,100 US tons) of gold ore has been discovered in central China and is valued at 600 billion yuan or 83 billion US dollars.
The Geological Bureau of Hunan Province announced the discovery of the deposit, which found 40 gold veins at a depth of 2 kilometers (1.2 mi) in the northeastern county of Pingjiang. Science Alert.
The discovery of gold can be described as the largest and most profitable deposit of the metal ever found as it surpasses the 900 metric tons of gold deposits contained within the South Deep Mine in South Africa. is
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. This gold is expected to be eight times heavier than the Statue of Liberty. Live Science.
“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.