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Wed, December 11, 2024
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China Discovers $80 Billion Gold Mine in Hunan, World’s Largest Deposit

Source: ScienceAlert

China has uncovered one of the largest known gold deposits in the world, estimated to be worth over $80 billion. Located in Pingjiang County, Hunan Province, the Wangu goldfield contains over 1,000 tonnes of gold, according to the Geological Bureau of Hunan.

The deposit features 40 gold veins, stretching approximately one mile underground. Early drilling has revealed 300 tonnes of gold, with potential for more at greater depths. Visible gold in drilled rock cores and discoveries in peripheral areas suggest the site’s reserves may exceed initial estimates.

If fully realized, the deposit could generate over 600 billion yuan ($83 billion). This discovery has already impacted global gold prices as China strengthens its position as a leading gold producer.

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China, which produces roughly 10% of the world’s gold, has invested nearly 100 million yuan in mineral exploration in the Wangu goldfield. The find is expected to enhance the country’s resource security amid global economic and geopolitical uncertainties.

As a global leader in mining and technology, China plans to leverage this discovery to further its industries, particularly in electronics and battery production, while exploring sustainable mining practices to reduce environmental impact.

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