World’s Largest Gold Deposit Discovered in Asian Country

According to Chinese state media, a high-quality gold deposit containing approximately 1,000 metric tons (1,100 US tons) of gold has been discovered in central China.

Estimated at 600 billion yuan (around USD 83 billion), this could be one of the most significant and valuable gold reserves ever found, surpassing South Africa’s South Deep mine, which holds about 900 metric tons. The Hunan Province Geological Bureau reported identifying 40 gold veins within 2 kilometers (1.2 miles) of depth in Pingjiang County, northeast Hunan. These veins alone are believed to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves could extend to a depth of 3 kilometers. “Many drilled rock cores showed visible gold,” stated Chen Rulin, a prospector from the bureau.

Core samples indicate that each metric ton of ore may contain up to 138 grams (nearly 5 ounces) of gold — a remarkable grade, as ores with more than 8 grams of gold per ton are typically considered high quality.

China, already a dominant force in the global gold market with reserves exceeding 2,000 metric tons as of early 2024, contributes roughly 10% of the world’s gold production. News of this discovery has further driven up the already surging gold prices amid increasing global demand and economic uncertainty.

Experts remain divided on whether the world has reached “peak gold,” though this discovery suggests there are still untapped, economically viable reserves. Core samples from the Hunan site suggest the deposit may extend beyond current predictions, potentially making this a treasure trove on a scale rarely seen.

This year has been notable for gold discoveries worldwide. In March, a treasure hunter in England uncovered what may be the largest gold nugget ever found in the country. More recently, Australian scientists revealed a new mechanism suggesting seismic activity from earthquakes may play a role in forming large gold deposits.

Meanwhile, advances in science continue to explore innovative uses for gold. In April, researchers announced the creation of “golden,” a two-dimensional gold structure only one atom thick with unique properties absent in its traditional three-dimensional form.

While gold has been revered throughout human history, discoveries like these show there’s still much to learn about this timeless precious metal.