Kathmandu. China is preparing to overtake South Africa with its miraculous ‘supergiant’ discovery. Geologists have discovered the world’s largest gold deposit in the Wangu Gold Field in China’s Hunan Province.
Based on preliminary research and 3D modelling, it is estimated that the ‘super giant’ deposit contains up to 1,100 metric tons of gold. The market value of which can be more than $ 83 billion. This huge discovery has increased the possibility of overtaking South Africa’s ‘South Deep Min’, which is now considered to be the world’s largest.
Excellent Quality Gold Mine
}
According to officials of the Hunan Geological Bureau, the biggest feature of this repository is its excellent quality. The core samples tested contained up to 138 grams of gold per metric tonne of ore. This rate is many times higher than what is generally considered high (8 grams per metric ton).
Initially, about 300 tonnes of gold was confirmed at a depth of 2,000 meters, but advanced 3D modelling has shown that the reserves have spread up to 3,000 meters, bringing the total quantity to 1,100 tons. This vast reserve of mines is spread over more than 40 gold veins.
Immediate impact on the world market
}
After the news of the discovery of this huge gold deposit, there has been a big stir in the global gold market. The price of gold has reached $ 3,957 per ounce for the time being despite expectations of increased supply in the market.
China is already the world’s largest gold producer. This new discovery will reduce its dependence on imported gold and further strengthen its control over the global gold supply chain.
Upcoming Challenge
}
The discovery of the Wangu Gold Field’s “supergiant” gold mine marks the beginning of a new era for China’s economy and global commodity markets. However, drilling at a depth of 3,000 metres would be technically challenging and expensive. Geologists are now studying its full economic and environmental impacts.
The discovery of this huge potential for investment is sure to affect insurance companies and gold-based investment plans in the coming years.
