1-12-2024 (BEIJING) Chinese state officials have announced what they claim to be a historic discovery of the world’s largest gold deposit, potentially worth an estimated $80 billion, in a development that could significantly impact global precious metal markets.
The extraordinary find, located in Pingjiang County, was uncovered by geologists from the Hunan Provincial Geological Institute, who report discovering more than 1,000 tonnes of gold reserves and ore veins approximately 19 kilometres beneath the Earth’s surface.
According to the Hunan Academy of Geology, the site, known as Wangu, contains more than 40 distinct gold ore veins. The discovery has been heralded by Chinese authorities as strategically crucial for the nation’s resource security.
The find could potentially eclipse the current record holder for the world’s largest gold reserve, South Africa’s South Deep mine in Gauteng Province, which holds approximately 930 metric tonnes of gold.
This discovery could further strengthen China’s position in the global gold market, where it already leads as the world’s largest producer, contributing approximately 10% of global output in 2023, according to World Gold Council data.
