World’s Largest $80 Billion Gold Deposit Found

China has unveiled a monumental gold deposit in Hunan Province's Wangu gold field, Pingjiang County, with reserves exceeding 1,000 metric tons, valued at approximately $83 billion. Geologists identified over 40 gold-bearing veins at depths around 2,000 meters, containing about 300 metric tons of gold.

Advanced 3D geological modeling suggests these veins could extend to 3,000 meters, potentially adding 700 metric tons to the reserve. The ore boasts an average of 138 grams of pure gold per ton, significantly surpassing the high-quality gold threshold of eight grams per ton. This discovery positions the Wangu gold field among the world's largest known gold deposits, surpassing South Africa's South Deep mine, which holds around 900 metric tons. Chinese authorities have yet to announce development plans for this substantial find.

This significant discovery comes as China maintains its status as the world's leading gold producer, contributing approximately 10% of global production. In 2023, China's gold mine production was estimated at 370 metric tons. The country's gold reserves have also seen substantial growth, reaching 2,264.32 metric tons in the second quarter of 2024.

The Wangu gold field has long been one of China’s most vital gold-mining hubs. Since 2020, provincial authorities have invested more than 100 million yuan in mineral exploration in the area. The application of new technologies, such as 3D geological modeling, has been instrumental in this discovery, enabling precise mapping of gold veins and more efficient exploration.

This discovery holds significant economic potential, especially amid China's increasing domestic gold demand. In the first three quarters of 2024, China's gold consumption reached 741.732 metric tons, reflecting a robust appetite for the precious metal. The newfound reserves could bolster China's gold supply, supporting both domestic consumption and the country's position in the global gold market.

As China continues to explore and develop its mineral resources, the Wangu gold field stands as a testament to the country's growing capabilities in geological exploration and resource management. The full economic impact of this discovery will unfold as development plans are established and extraction processes commence.