The future of global mining had a complete shift when a massive gold deposit was discovered in China, late last year. The Wangu gold field, located in Pingjiang County, is estimated to be holding over 1,000 metric tons of gold, valued at around 600 billion yuan, which is equivalent to over a whopping £61 billion. The find could possibly become the largest gold deposit in the world.
The Geological Bureau of Hunan Province reported that more than 40 distinct gold veins with a reserve of 300 tonnes of gold were uncovered at depths of around 2,000 metres. However, further exploration led to high expectations, and at 3,000 metres, more gold reserves were identified, which took the estimated yield over 1000.
South Africa’s South Deep gold mine holds the largest gold reserves to date, estimated between 930 to 1,025 metric tons. However, confirming the Wangu gold field’s reserves could see the site take the title of being home to the world’s largest gold deposit.
Chen Rulin, ore-prospecting expert at the bureau said that “many drilled rock core showed visible gold,” revealing that a tonne of ore in the 2,000 metre range contained a maximum of 138 grams of gold.
According to Chinese state media, advanced ore prospecting technologoies including 3D geological modeling was used at the site, allowing the scientists drill areas that lead toward the most promising gold veins.
Liu Yongjun, vice head of the Geological Bureau, revealed that more gold was also found during drills around the Wangu gold field’s peripheral areas.
China is already one of the world’s top producers when it comes to gold, accounting for 10% of the global output. In 2024, the huge country produced an estimated 380 metric tons of the precious material, but in the same year, it consumed more than 985 tons of gold, highlighting the increased demand throughout the country.
Though this revolationary discovery is a big move in China’s gold industry, mining at the depths of the site will come with various challenges. Yet it remains a a major step towards China’s reduced dependancy on imported gold and the reserves will contribute to global markets.
