(06-01-2025) The Hunan Provincial Geological Institute announced in December the discovery of the world’s largest gold deposit, with estimated reserves of 1,100 tons, valued at 600 billion yuan (approximately $83 billion or €79 billion).
This discovery dethrones South Africa’s South Deep Mine, which previously held the title of the largest gold reserve, according to Mining Technology.
As reported by the South China Morning Post, experts have classified the find as a “massive” reserve. In a statement, the institute also emphasized that the discovery is “important for safeguarding the country’s security.”
The deposit was identified in the Wangu gold field in China’s central Hunan province. Initial reports indicate 300 tons have been found at a depth of 2,000 meters, with potential for much larger quantities at 3,000 meters.
The deposit was located using 3D geological modeling, which identified 40 gold veins. Core samples revealed visible gold with concentrations of up to 138 g/t of ore.
This discovery is the result of a long-term strategy by the Chinese government, initiated in 1991 and accelerated after 2010 through the “358 National Prospecting Strategy.”
Implications of the discovery
Chen Rulin, a mineral exploration expert, highlighted the quality of the gold and its strategic importance for global mining. The discovery strengthens China’s local gold reserves and ensures the supply of this strategic resource.
China is already the world’s largest gold producer, accounting for 10% of global production in 2023, according to the World Gold Council. Forbes estimates that 80% of global gold production is used in electronics manufacturing due to its conductive properties, being vital for smartphones, computers, and medical equipment.
Gold is also considered a safe haven during crises, making this discovery even more significant. Liu Yongjun, Deputy Director of the Hunan Geological Office, emphasized signs of gold in surrounding areas, hinting at potential additional discoveries in the region.
Goldman Sachs predicts gold prices will reach $3,000 per ounce by the end of next year, about 12% higher than current prices. This discovery represents a major achievement for China amid ongoing global tensions, including the trade and technology disputes involving the U.S.
By Alexia Columba Jerez for ABC, Spain