by WorldTribune Staff / 247 Real News December 1, 2024

What could be the largest gold deposit on earth has been discovered in China, a report said.

Scientists uncovered a “supergiant” deposit of high-quality gold ore hidden near the Wangu gold field in the northeast of Hunan province, representatives from the Geological Bureau of Hunan Province (GBHP) told Chinese state media on Nov. 20.

According to the GBHP, workers detected more than 40 gold veins, which contained around 330 tons (300 metric tons) of gold down to a depth of 6,600 feet (2,000 meters). Using 3D computer models, mining experts predicted that there could be up to 1,100 tons (1,000 metric tons) of gold — roughly eight times heavier than the Statute of Liberty — hidden at depths of up to 9,800 feet (3,000 meters).

If true, the entire deposit is likely worth around 600 billion yuan ($83 billion), GBHP officials said.

Soon after the discovery was announced, the price of gold jumped to around $2,700 per ounce ($95,240 per kilogram) — just below a record high set earlier this year, according to CCN.com.

By the end of 2023, an estimated total of 234,332 tons (212,582 metric tons) of gold have been dug up in human history, with more than two-thirds of this being extracted since 1950, according to the World Gold Council.

As of 2022, the largest known remaining gold reserves on earth were in South Africa’s South Deep gold mine, which has around 1,025 tons (930 metric tons) of gold, according to Mining Technology. This means the new deposit could be the largest known natural stockpile of gold on the planet.

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  Report: Massive gold deposit found in China, WorldTribune.com