World’s Largest Gold Deposit Discovered, Valued at Over US$80 Billion

Scientists have discovered a high-quality gold deposit in central China containing approximately 1,000 metric tons (1,100 US tons) of the precious metal, according to Chinese state media.

Valued at around 600 billion yuan (US$83 billion), this find could be the largest and most lucrative gold reservoir ever uncovered, surpassing the 900 metric tons estimated in South Africa’s South Deep mine, the world’s largest known gold reserve.

The Geological Bureau of Hunan Province revealed that researchers discovered 40 gold veins within a 2-kilometer (1.2-mile) depth in Pingjiang, a county in northeast Hunan. These veins are believed to contain 300 metric tons of gold, and 3D modeling suggests that additional reserves may extend to 3 kilometers deep.

“Many drilled rock cores showed visible gold,” said Chen Rulin, a prospector with the bureau.

The core samples indicate that each metric ton of ore could yield up to 138 grams (nearly 5 ounces) of ore—an extraordinary quality, as high-grade ore typically contains more than 8 grams per ton.

China Dominates the Global Gold Market, Holding Over 2,000 Tons in Reserves and Contributing 10% of Global Output

China is already a dominant player in the global gold market, holding reserves of over 2,000 tons as of early 2024. The country’s mining industry contributes around 10 percent of the world’s total ore output.

The announcement of this discovery has contributed to a further surge in gold prices, driven by growing global demand and economic uncertainty.

While experts remain divided on whether we’ve reached “peak ore,” the latest discovery suggests there may still be significant, untapped gold reserves. This finite resource, formed in the intense heat of stars long before Earth existed, takes millions of years to become accessible for mining.

Additional core samples from the Hunan site indicate that the deposit may extend further than initially estimated, potentially making it one of the richest gold reserves on the planet.

A Banner Year for Gold Discoveries: Major Finds in England and Australia

This discovery adds to a year already marked by impressive ore finds. In March, a treasure hunter in England uncovered what might be the largest gold nugget ever found in the country. Moreover, just two months ago, Australian scientists discovered a new process that could explain how seismic activity from earthquakes helps form large ore nuggets.

In addition to learning more about the natural formation of gold, researchers are also exploring innovative ways to manipulate this precious metal. A study published in April introduced “goldene,” a new form of two-dimensional gold just one atom layer thick, which exhibits properties distinct from traditional three-dimensional ore.

While people have prized ore for millennia, these discoveries show that we still have much to learn about this ancient and valuable metal.

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