In November, geologists in China reported the discovery of what could be the largest known gold deposit in the world. The find was made at the Wangu goldfield in Pingjiang County, Hunan province, during exploration by the Geological Bureau of Hunan Province.
The survey identified more than 40 gold-bearing veins about 2,000 meters underground, with confirmed reserves of around 300 metric tons of gold. Based on 3D geological modeling, the total reserve may exceed 1,000 metric tons at depths reaching 3,000 meters. At current market prices, that would be worth approximately 600 billion yuan (about US$83 billion).
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Explore Treasure Deals →Ore quality from the site is high, with samples showing up to 138 grams of gold per metric ton of rock. Many drilled cores contained visible gold. Additional exploration in the surrounding areas also located further gold-bearing zones, suggesting more reserves could be present.
If confirmed, the Wangu deposit would surpass South Africa’s South Deep mine, which has an estimated 930 metric tons of reserves, making it the largest single known gold deposit globally.
Following the announcement, gold prices rose to around US$2,700 per ounce, close to historic highs. On the Shanghai Futures Exchange, gold futures closed at 617.7 yuan per gram, up nearly 28% since the start of the year.
China is the world’s largest gold producer, accounting for roughly 10% of global output in 2023. However, domestic consumption is about three times higher than production, requiring significant imports from countries such as Australia and South Africa. The newly discovered deposit could supply China’s gold needs for about 1.4 years at current consumption rates but will not eliminate the need for imports.
According to the World Gold Council, all the gold ever mined amounts to about 234,000 tons. More than two-thirds of this has been extracted since 1950. If melted, the total would form a cube measuring about 22 meters on each side.
The Wangu discovery is located in one of China’s key mining regions. Nearly 100 million yuan has been invested in mineral exploration there. Mining at such depths will require advanced technology and safety measures, and further studies will be needed to confirm the full extent and feasibility of the reserves.
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