China discovers a super large gold mine

On November 23, the Geological Department of Hunan Province (Central China) announced that it had discovered a super-large gold mine with estimated reserves of more than 1,000 tons, worth 600 billion yuan (about 83 billion USD).

Technicians from the Hunan Provincial Institute of Geological Disaster Investigation and Research examine rock samples at the Wangu gold mine in Pingjiang County, central China's Hunan Province, Nov. 5, 2024. (Source: Xinhua)

The mine is located 2,000 meters below the Wangu gold mine in Pingjiang County. According to ore exploration experts from the Hunan Provincial Geological Disaster Monitoring and Investigation Institute, part of the provincial Geological Department, a ton of ore within 2,000 meters contains a maximum of 138 grams of gold.

The discovery could play a role in solving China's gold supply challenges, marking a pivotal moment for China's economic strategy and resource management.

The discovery of this super-large gold mine also opens up new opportunities to strengthen China's position in the global precious metals market. Analysts said the new discovery will help stabilize the domestic gold market and reduce dependence on fluctuations in global gold prices.

“This discovery is a major achievement in China’s mineral exploration strategy,” said Liu Yongjun, deputy director of the provincial Geological Department.

Wangu Gold Mine has long been one of China’s most important gold mining centers. Since 2020, the provincial government has invested more than 100 million yuan in mineral exploration in the area.

China has been ramping up investment in mineral exploration as part of its 2021-2025 development plan, which aims to expand its strategic resource reserves. China has made several major discoveries recently. 4.96 million tonnes of rare earths were identified in Sichuan Liangshan Yi Autonomous Prefecture in September.

Source: https://baoquocte.vn/trung-quoc-phat-hien-mot-mo-vang-sieu-lon-294903.html