Sunday, 24 November 2024 15:09

China Discovers Massive Gold Reserve in Hunan Province

China Discovers Massive Gold Reserve China Discovers Massive Gold Reserve fot: pexels

China has hit the mother lode with the discovery of a massive gold reserve in South China's Hunan Province. Chinese geologists identified more than 40 mineral veins located less than 2,000 meters underground with a worth of almost $83 billion. Scientists were using innovative technologies, including 3D geological mining, to look for precious metals. They estimate the total reserves in the area to be over 1,000 tons. This comes as gold prices have soared recently and are set to reach record highs in the coming months.

CGTN correspondent Sun Tianyuan brought us more details. Chinese geologists announced they have detected over 40 gold veins with a reserve of 300 tons of gold within a depth of 2,000 meters beneath the Wanggu Goldfield. The site's gold reserve within a depth of 3,000 meters is further estimated to be over 1,000 tons. Now that's worth about 600 billion yuan or over 80 billion US dollars at current market prices. And Chinese geologists say it's a huge breakthrough not only just for Hunan but also for the whole country.

Now the Wanggu Goldfield is the largest gold deposit ever discovered in Hunan's history and it's been 30 years since the gold deposit was first discovered. Even on a national scale, there are only about 5 gold mines out of this site. Gold is considered as a hard currency globally and has always been a reliable stabilizer during times of political or economic uncertainty. It's a resource that nations can count on to navigate risks and challenges whether they're financial, geopolitical or industrial.

So discovering more gold isn't just about adding to the reserves. It's about giving the country greater confidence and flexibility to face a wide range of uncertainties. And this massive discovery at Wanggu Goldfield is a big win for China for sure. And like I said, it means more gold to strengthen the country's financial systems, provide economic stability and security, especially in today's complex global environment.

Sources:

  • CEIC Data: Provides comprehensive statistics on China's gold production from 1990 to 2024.

  • World Gold Council: Offers detailed data on global mine production by country, highlighting China's leading position in gold production.

  • Statista: Presents statistics on China's gold production from 2010 to 2023, including annual output figures.

  • South China Morning Post: Reports on China's discovery of a massive gold reserve in Hunan Province, providing insights into the significance of the find.

  • China Daily: Details the discovery of a supergiant gold deposit in Central China's Hunan, emphasizing its impact on the region and the country.

Gold Production in China 2020-2024

YearGold Production (tons)
2000 175
2001 181
2002 189
2003 197
2004 212
2005 224
2006 240
2007 276
2008 285
2009 313
2010 351
2011 360
2012 403
2013 428
2014 450
2015 450
2016 455
2017 426
2018 401
2019 380
2020 365
2021 370
2022 403
2023 370
2024 370 (estimated)
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