China Discovers Massive Gold Deposit Worth $83 Billion
The newly uncovered reserve in Hunan Province contains an estimated 1,000 metric tons of gold, potentially reshaping China's gold industry and global markets.
- Geologists in China's Hunan Province have identified a gold deposit containing up to 1,000 metric tons of gold, with 300 metric tons already confirmed.
- The discovery, valued at approximately $83 billion, is considered one of the largest known gold reserves globally, surpassing South Africa's South Deep mine.
- Advanced 3D geological mapping enabled a high success rate in locating over 40 gold veins at depths of 2,000 to 3,000 meters in the Wangu gold field.
- China, the world's largest gold consumer and producer, could use the discovery to reduce its reliance on imports and strengthen its position in global gold markets.
- Experts suggest the deposit's long-term extraction will likely have limited immediate impact on global gold prices, though it highlights China's growing dominance in the sector.
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Westdeutsche Allgemeine Zeitung 