This discovery serves to entrench China's leading position in the gold market, which recorded 370 tons of gold mined in 2023 alone.
A group of geologists have discovered 1,000 tons of gold in China's Hunan region, with a total value of US$83 billion. Named the Wangu gold deposit, it is the "largest gold quarry in the world".
The investigation, carried out by the region's geological bureau, was aimed at finding new deep resources. Among the many gold veins studied, 40 of them showed a high concentration of the precious metal, an average of 138 grams of gold per ton of ore.
According to the first information published, the veins were found at a depth of 2,000 meters, so a great logistical deployment had to be carried out in order to handle the find efficiently and to be able to analyze it slowly.
This discovery serves to consolidate China's leading position in the gold market, which recorded 370 tons of gold extracted in 2023 alone. The Asian giant has thus managed to dethrone other direct competitors in the gold market, such as Australia, Russia and Canada.
Economic, social and environmental impact
In addition to the economic implications of the discovery, the region could be transformed at all levels. The presence of so much gold in Hunan's mines may translate into a growth in foreign investment, creating thousands of new jobs and developing the mining industry throughout the area.
While the increased presence of financial activity may mean increased purchasing power for the local population, rapid social changes and lack of regulation may negatively impact the working, housing and other conditions of people in the region. For this reason, analysts consider it important to create an action plan that limits the freedom of mining companies in favor of an equitable development of local capacities.