China claims to have discovered the world's largest gold mine. The value of this stockpile may be more than eight billion US dollars. The American magazine Newsweek reported this news about the Chinese media.
According to Chinese state media, the gold mine was discovered in Pingjiang County, Hunan Province. More than 1,000 tons of gold ore has been discovered at a depth of 2,000 meters in the Wangu gold mine. However, Newsweek could not independently verify the veracity of this claim.
China's state news agency Xinhua reported that the reserves found at the Wangu mine could be worth 600 billion yuan, or 83 billion US dollars. South Deep in South Africa's Gauteng province is considered to be the largest gold mine in the world so far. 930 metric tons of gold is stored there.
According to Hunan Provincial Academy of Geology, more than 40 gold ore veins have been found at a depth of more than 2,000 meters in the Wangu mine. More than 300 tons of gold is stored in its central part.
Liu Yongjun, deputy director of the Hunan Provincial Geological Bureau, said that using advanced three-dimensional geological modeling in the Wangu gold field, it is estimated that there are about 1,000 tons of gold reserves up to a depth of 3,000 meters.
Describing the discovery as a 'huge reserve', the company claimed the mine would play an important role in China's economic security.
China is currently the world's largest gold producer. They supply about 10 percent of global production in 2023. The Wangu goldfields are particularly important to China's economy.
According to the South China Morning Post, 100 million yuan or 1.3 million US dollars have been invested in mineral exploration in the region since 2020.
Goldman Sachs Group predicts that by the end of 2024, the price of gold may rise by 12 percent to exceed $3,000 per ounce.
