China has identified the world’s largest underground gold deposit, valued at over $80 billion. The discovery, located at the Wangu goldfield in Pingjiang County, Hunan Province, could potentially yield more than 1,000 tonnes of gold, according to the Geological Bureau of Hunan.
The site contains 40 gold veins—long, narrow channels of gold—at depths of around one mile. Preliminary test drilling has already confirmed 300 tonnes of gold, with indications of additional reserves at even deeper levels.
Drilled rock cores have revealed visible gold, while further exploration around the area has uncovered more deposits, hinting at a much larger reserve than initially estimated.
If fully mined, the deposit could generate over 600 billion yuan (approximately $83 billion or £65 billion). This discovery has already influenced global gold prices, though future market trends remain unpredictable due to ongoing geopolitical tensions.
China’s growing demand for gold amid worldwide uncertainties highlights the importance of this find for bolstering the country’s resource security.
The Wangu goldfield represents a significant mining area for China, with nearly 100 million yuan invested in its mineral exploration. As of 2023, China produces about 10% of the world’s gold, maintaining its position as a global leader in mining and precious metal production, particularly for the electronics and battery industries.
Additionally, China continues to innovate in mining technologies, with a focus on reducing carbon emissions and promoting sustainability in mining operations.
