China Discovers World's Largest Gold Deposit; Surpasses South Africa's South Deep Mine
Beijing, China: Surpassing South Africa’s South Deep Mine, China’s Pingjiang County discovered the world’s largest gold deposit. The deposit is said to have at least 1,000 metric tonnes (1,100 US tonnes) of high-quality ore, according to a report by Chinese state media Xinhua. The site is located in the northeastern region of the province.
The news portal quoted the Geological Bureau of Hunan Province, stating that the geologists have initially found over 40 gold veins, with a reserve of 300 tonnes of gold, within a depth of 2,000 meters beneath the Wangu gold field in Pingjiang County.
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The site’s gold reserve within the depth of 3,000 meters is further calculated at over 1,000 tonnes, it claimed. The value of the reserve is estimated at 83 billion U.S. dollars, approximately a whopping Rs 7 lakh crore.
The largest gold deposit is believed to have the potential to further boost China’s mining industry and the economy, and the production of gold with the country’s resource capability has significant implications for taking the country’s ongoing economic boom.
Advanced prospecting technologies, such as 3D geological modelling, were used at the Wangu gold field, according to Vice Head of the Bureau Liu Yungjun. The presence of gold was also discovered around the site’s peripheral areas during the drills, giving promising prospects for the mining industry, said Liu.
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Notably, China has been in the category of countries with the largest gold deposits. According to Mining Technology, the countries are South Africa, Indonesia, Russia, Papua New Guinea, Chile, the USA, Western Australia, among others. The gold discovery in the African nation in the late 19th century had propelled South Africa’s wealth and development, inviting global attention.
