China reported the discovery of what could be the largest known gold reserve in the world, estimated to be worth more than 600 billion yuan (about US$83 billion). The deposit at the Wangu gold field in central China could yield more than 1,000 tons of gold, according to estimates by the Hunan Geological Bureau, Xinhua news agency reported.
According to the agency, geologists detected more than 40 gold veins, with a reserve of 300 tons each, at a depth of 2,000 meters, but reported that there may be more reserves in deeper layers. “Many rock cores drilled showed visible gold,” said geologist Chen Rulin.
Liu Yongjun, deputy head of the department, said new ore prospecting technologies such as 3D geological modeling have been used in the Wangu gold field.
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Gold was also found during drilling in the outlying areas of the site, showing promising prospects, Liu said.
China is the world’s largest gold producer, accounting for about 10% of global production in 2023, data from the World Gold Council showed.
According to information from the NY Postbefore this discovery, the title of largest gold reserve in the world was held by the South Deep gold mine, in the Gauteng province of South Africa, with around 930 metric tons of gold.
