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Beneath the Wangu gold field, more than 40 gold veins have been detected by geologists. At a depth of 6,560 feet (2,000 meters), initial analyses already estimate the reserve at 330 metric tons of gold. However, computer models suggest a much larger potential: 1,100 metric tons, which is equivalent to eight times the weight of the Statue of Liberty.
This deposit is also distinguished by the exceptional purity of its ore. With a concentration of 138 grams of gold per ton of rock, it far exceeds the global average. This richness also translates into an estimated value of $83 billion.
This potential record would surpass the South Deep mine in South Africa, which has been considered the largest gold reserve with 1,025 metric tons. However, extracting this gold will not be easy. The deposit extends down to a depth of 9,840 feet (3,000 meters), requiring advanced and expensive extraction technologies.
The economic implications of this discovery are immense. Amidst the boom in the global market, the price of gold is nearing $2,800 per ounce. This precious metal remains a safe haven in the face of geopolitical and economic uncertainties.
China, already the world's largest gold producer, still consumes far more than it produces. With over 370 metric tons used each year, primarily for its banking reserves, this new deposit will not be enough to meet its demand. In 2023, the Chinese central bank added 225 metric tons to its reserves, illustrating a strategy of accumulation in response to market volatility.
Furthermore, the wealth of minerals in the Hunan region opens up promising prospects. Further drilling in peripheral areas suggests that additional riches may be hidden there, further bolstering the country's strategic position.
This discovery, however, highlights a striking reality: the rarity of gold. Since antiquity, only 234,000 metric tons of this metal have been extracted. If all the gold ever mined formed a cube, it would measure just 72 feet (22 meters) on each side, underscoring how significant each new vein truly is.