China has made a groundbreaking discovery of what is being hailed as the world’s largest gold deposit, estimated to be worth ¥600 billion ($83 billion). Geologists have identified 40 gold veins containing around 300 tons of gold at depths of up to two kilometers in the Wangu gold field, located in Pingjiang County, central China. Further assessments suggest the area may hold over 1,000 tons of reserves at depths exceeding 3,000 meters.
Experts from the Geological Bureau of Hunan Province revealed that visible gold was observed in many of the drilled rock cores during the preliminary evaluation. Additional drilling in nearby areas has unearthed promising prospects, with core samples indicating that each metric ton of ore could yield up to 138 grams of gold.
While the find is being celebrated as the largest gold reserve ever uncovered, surpassing South Africa’s South Deep mine with its 900 metric tons of ore, challenges remain. Chinese authorities must now conduct feasibility studies to determine the actual reserves and assess the economic viability of mining at such depths. A report by Hunan Gold Corporation has noted uncertainties regarding the commercial potential of the resource, given its depth and associated development costs.
The announcement has already boosted Hunan Gold Corporation’s stock, as the company holds mining operations in the area. However, the feasibility of large-scale extraction remains uncertain.
China, the world’s largest gold producer, accounted for approximately 10% of global gold production in 2023. According to the World Gold Council, the country holds 2,235.39 tons of gold reserves, excluding those in Taiwan, Hong Kong, and other regions it claims administrative authority over.
As exploration continues, this monumental discovery could further solidify China’s position as a global leader in gold production, providing significant economic and strategic value in the years to come.
