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Geologists Stumble Upon The World's Largest Gold Mine

  • Editor OGN Daily
  • 1 day ago
  • 1 min read

This deposit of gold ore isn’t just giant, it’s supergiant.


A pile of gold bars

So much so, in fact, that Chinese experts claim it could be the largest deposit of any precious metal - not just gold ore - in existence today. How big is the “supergiant” deposit located in Hunan province? Experts estimate it at 1,100 tons and put a value of around $83 billion on it.


Adding some more heft to the already weighty (literally) find was the report that the new discovery features 138 grams of gold per metric ton of ore, a valuable rate not often found in gold mining.


Historically, according to the World Gold Council, mankind has mined 233,000 tons of gold, all of it still around in some form, and two-thirds of that mining has occurred since 1950. Already the world’s top gold producer with about 10 percent of global production, China is heavily dependent on the metal, using about three times more gold than it mines annually. A rate that high requires the country to purchase so much gold from other countries that it’s also the world’s top importer of the valuable metal.


This new discovery has put the world’s gold markets on notice, enough so - alongside renewed geopolitical tensions - that the price of gold rose to $2,700 per ounce again, nearing a new record-high level, says CCN.com. And the gold news may not stop there as the gold ore was found when drilling around the site’s peripheral areas.



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