China Discovers "Supergiant" $83bn Gold Deposit
December 17, 24
(IDEX Online) - China has discovered one of the world's biggest gold deposits - estimated at over 1,000 tonnes, according to the state-run Xinhua news agency.
It values the gold at $83bn, based on today's prices.
The "supergiant gold deposit" is deep underground, below Pingjiang County, in the central Hunan province.
The discovery has been classified as a "massive" reserve. Experts from the Geological Bureau of Hunan Province have identified more than 40 new gold veins situated less than 2,000 meters underground, which could yield 300 tonnes.
In addition there are reserves down to a depth of 3,000 meters that take the total to over 1,000 tonnes.
The gold concentration in core samples is exceptionally high, up to 138 grams per tonne (typically 8 grams is considered high-grade in underground mining).
For context, the USA's Nevada Gold Mines, currently the world's largest gold mine, produced just over 100 tonnes (3.3m troy ounces) of gold last year.
Pics courtesy Xinhua show the exploration site and samples.