By South China Morning Post | Created at 2024-11-22 10:10:00 | Updated at 2024-11-22 15:51:42
5 hours ago
China has discovered a “massive” new goldfield containing reserves worth tens of billions of dollars in the central province of Hunan, as it steps up efforts to boost domestic reserves of strategic minerals.
Geologists identified more than 40 new gold veins located less than 2,000 metres (6,560 feet) underground at the Wangu gold mine in Pingjiang county, bringing the total gold resources in the mine’s core area to 300.2 tonnes, the Hunan Provincial Geological Institute said in an online statement on Thursday.
The new find is classified as a “massive” reserve, with its more than 1,000 tonnes of gold deposits estimated to be worth about 600 billion yuan (US$82.8 billion) based on current market prices, it said.
Liu Yongjun, the institute’s vice-president, said the discovery was a major achievement for China’s mineral exploration strategy.
The statement also claimed that the find was “significant in helping safeguard the country’s resource security”.
The Wangu goldfield is one of China’s most important gold-mining hubs. Since 2020, provincial authorities have invested more than 100 million yuan on mineral exploration in the area.
Demand for gold in China has surged over the past couple of years, as consumers and retail investors boosted their gold holdings in reaction to domestic and global economic uncertainty.
