China emerged at the forefront in the world in terms of gold reserves. It is reported that there is the world's largest gold reserve here which is 1,000 metric tons. According to Chinese state media, the Geological Bureau of Hunan Province has confirmed the discovery in Pingxiang County, located in the northeastern region of the province. According to the news, with an estimated value of 600 billion yuan, which is approximately Rs 6,91,473 crore, it could potentially be the world's largest gold reserve. This is more than the 930 metric tons found in South Africa's South Deep Mine.
40 gold veins discovered at a depth of one mile
The bureau has announced the discovery of 40 gold veins, which are long and narrow holes in metal-laden rocks, at a depth of about a mile in Pingxiang County, Hunan province, the Independent reported. Geologists said that these rocks alone may contain 300 tons of gold and that there may be more reserves in deeper layers. Advances 3D modeling suggests additional reserves exist at greater depth, reaching up to approximately 3 kilometres. This discovery could boost China's mining and economic capabilities.
Clear gold visible in many rock cores
Chen Rulin, a geologist and ore prospector at the bureau, said several drilled rock cores showed visible gold. More gold was found in test drills near the peripheral areas of the site, suggesting the deposit may be even larger. It is estimated that the Site could contain more than 1,000 metric tons of precious metal, which would be worth more than 600 billion yuan, or about $83 billion (£65 billion) at current prices.
Wangu gold field most important
Demand for the precious metal has increased in China amid global uncertainties. According to the Hunan Provincial Geological Institute, the new discovery could be important in protecting the country's resource security. The Wanghu gold field is one of China's most important mining centers and the country has invested about 100 million yuan in mineral exploration in the area. By the year 2023, China will have produced about one tenth of the total gold in the world.
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