China claims discovery of world's largest gold deposit, worth 78 billion euros

(Patria) - China has announced the discovery of the world's largest known gold deposit, estimated to be worth around 78 billion euros.

The deposit in the Wangu gold mine, located in central China, could contain over 1,000 tons of gold.

This was reported by Chinese state media, citing the Hunan Provincial Geological Institute, Independent reports.

According to the institute, 40 gold veins – long and narrow fissures in rocks filled with metal – were discovered at a depth of about 1,600 meters in Pingjiang County, Hunan Province.

These veins alone could contain about 300 tons of gold, and deeper layers might hide even larger reserves, geologists claim.

- Many sampled rocks showed visible traces of gold - stated Chen Rulin, a geologist and researcher at the Geological Institute.

Exploratory boreholes on the periphery of the deposit have revealed additional gold reserves, suggesting it could be even larger than initially estimated.

In total, this area could contain over 1,000 metric tons of gold, which, at current market prices, would be worth more than 600 billion yuan, or about 78 billion euros.

Global gold prices rose following the announcement of this discovery, although the long-term market stability remained uncertain due to geopolitical tensions worldwide.

Demand for gold has therefore significantly increased in China, and this discovery, according to the Hunan Provincial Geological Institute, could play a key role in strengthening the security of national resources.

The Wangu gold field is considered one of the most important mining centers in China, with the state investing nearly 13 million euros in mineral exploration in the area.

In 2023, China produced about ten percent of the world's total gold, confirming its status as a global leader in mining.

The country also leads in the export of mining technology, developing innovative methods to reduce carbon emissions in the exploitation process.

This discovery strengthens China's position on the global mining scene and represents a significant step towards preserving its strategic resources.