© Zlaťáky.cz/Unsplash
It was the geological bureau of Hunan province that discovered this underground gold deposit, which is said to contain around 1,000 tonnes of this metal, or the equivalent of 83 billion dollars. It therefore exceeds the estimated 900 tonnes of the legendary South African mine South Deep, in the province of Gauteng and could thus constitute the largest gold reserve ever discovered in the world.
The first drillings have revealed exceptional concentrations of the ore, suggesting even larger reserves in the depths of the Chinese subsoil. China, which was already largely dominant on the world gold market and was already banking on this precious metal, therefore finds itself in a very good position.
A deposit with exceptional characteristics
Forty gold-bearing veins have been identified up to two kilometres deep, representing 300 tonnes of gold alone. Three-dimensional modeling carried out during the measurements suggests that the deposit could extend up to three kilometers underground.
Even more remarkable, the gold content of the ore reaches extraordinary levels: 138 g per tonne, which is more than 17 times the concentration considered “high quality” in the underground mining industry, which is set at 8 grams per tonne. To put this into perspective, most gold mines currently operating in the world operate with average grades between 1 and 5 grams per tonne. The South African South Deep mine, previously considered the largest gold deposit in the world, has significantly lower concentrations.
A reinforced Chinese domination on the global market
This discovery consolidates China's position as a major player in the gold market. The country, which already had more than 2,000 tonnes of reserves at the start of 2024, accounts for about 10% of global production, far ahead of its direct competitors such as Australia and Russia. In the coming years, the country could increase its production capacity and further extend its influence on the industry.
200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000Chen Rulin, a prospector with the Geological Bureau, underlines the rather unique nature of the deposit: ” Many drill cores showed gold visible to the naked eye “, a rare indicator of the ore's richness. Experts believe that the exploitation of this deposit could begin quickly, as China already has the necessary infrastructure and technologies in the region.
When China shakes the price of gold
The announcement of this discovery immediately impacted the financial markets, causing a new rise in the price of gold. The latter, already rising sharply for several months, is therefore seeing its value appreciate further. Analysts in the sector will necessarily have to revise their estimates of global reserves.
The price of gold has already been on a very steep slope since today. © Veracash
This discovery brutally calls into question the theory of ” peak gold » which predicted a gradual exhaustion of exploitable deposits. Since good news rarely comes alone: the first results of drilling on the periphery of the site suggest that the deposit could extend well beyond the area initially identified. Bingo!
- A 1,000-tonne gold deposit has been discovered in China, surpassing the South Deep mine and reaching an exceptional grade of 138 grams per tonne.
- The purity of the ore (138 grams per tonne) makes it a potentially very profitable mine for the country.
- This discovery will strengthen China's dominance of the gold market in the future and has already driven up global gold prices.
📍 To avoid miss any Presse-citron news, follow us on Google News and WhatsApp.
[ ]