Chinese scientists have discovered a “super-giant” deposit of high-grade gold ore hidden near the country's existing gold mines. vast reserves, It may be the largest single reservoir of precious metals left anywhere on Earth. It could eventually become the world's largest known precious metal deposit, valued at more than $80 billion.
as live science reportA new deposit has been discovered in Wangu Goldfield in northeastern Hunan province, a representative of the Hunan Provincial Geological Bureau (GBHP) told Chinese state media on November 20. Workers said they detected more than 40 gold veins, including about 330 gold veins. 300 tons (300 metric tons) of gold will be mined to a depth of 6,600 feet (2,000 meters). but, Using 3D computer models, mining experts determined that up to 1,100 tons (1,000 tons) of gold, about eight times the weight of Free Law, could be hidden at depths of up to 9,800 feet (3,000 meters). We predict that there may be.
If it's true, The total deposits are likely worth about 600 billion yuan ($83 billion). This was revealed by GBHP officials.
Officials revealed that the new deposit has a maximum quality of 138 grams of gold per tonne of ore, which is relatively high compared to most other gold mines around the world. ”Visible gold was found in many drilled rock cores'' Chen Lulin, GBHP's mineral exploration expert, told state media.
Experts say more gold has been discovered during test drilling around the new site's “periphery,” suggesting even larger deposits are waiting to be mined. That's what it means.
It is difficult to track the amount of gold left in different mines around the world due to fluctuations in mining rates at each site and lack of transparency in reporting results. However, as of 2022, the largest known gold reserves on Earth have been discovered at the South Deep gold mine in South Africa, with approximately 1,025 tons (930 metric tons) of gold, according to Mining Technology. It is said that there is gold buried there. This means the new deposit could become the largest known natural stockpile of gold on Earth.
News of the discovery sent ripples through the mining industry and the broader global economy. As LiveScience points out, the price of gold has soared to about $2,700 per ounce, just below the highs it hit earlier this year, but why is the surge in gold supply causing the price of gold to drop? It is unclear whether it will be pushed up.
According to Reuters, China is already the world's largest gold producer and will account for about 10% of global gold production by 2023. however, The country is still using more gold than it can produce, consuming about three times more precious metals than it can mine. As a result, China is heavily dependent on gold imports from countries such as Australia and South Africa.
New gold deposits may help alleviate this problem, but will not completely eliminate the problem. Based on the current consumption rate, The entire deposit can only meet the country's needs for about 1.4 years.
According to the World Gold Council, by the end of 2023, an estimated total of 234,332 tonnes (212,582 metric tonnes) of gold will have been mined in all of human history, with more than two-thirds of this total dating back to 1950. It has been mined since then.
This may seem like a big deal. But even if all the gold ever mined were melted down into a single cube, it would be only about 72 feet (22 meters) in diameter, slightly smaller than the length of a blue whale, according to the World Gold Council. It will be shorter.
Posted by: Zerohedge.com
