A groundbreaking discovery of high-grade gold ore has been reported in central China, revealing approximately 1,000 metric tons (1,100 US tons) of gold, according to state media.
Valued at an estimated 600 billion yuan ($83 billion), this discovery could rank as the largest gold reserve ever identified, surpassing the 900 metric tons of South Africa’s South Deep mine, Xinhua reported.
The Hunan Province Geological Bureau announced the identification of 40 gold veins in Pingjiang County, some extending to depths of up to two kilometers (1.2 miles). These veins alone are believed to contain 300 metric tons of gold. Advanced 3D modeling suggests reserves could reach depths of up to three kilometers.
“Many drilled rock cores showed visible gold,” noted Chen Rulin, a prospector from the bureau. Core samples suggest an impressive yield of up to 138 grams (nearly five ounces) of gold per metric ton of ore, far surpassing the high-grade threshold of eight grams per ton typically used in mining classifications.
China, the world’s largest gold producer with reserves exceeding 2,000 metric tons as of early 2024, accounts for roughly 10% of global gold output.
The announcement has further boosted gold prices, which were already climbing due to rising demand amid global economic uncertainty.
