China has unveiled a groundbreaking discovery in Hunan Province—the world's largest known gold deposit, potentially holding 1,000 tonnes of gold. Estimated to be worth over $80 billion, this "supergiant" find surpasses South Africa’s South Deep mine, previously the world’s largest reserve.
Located in Pingjiang County's Wangu gold field, more than 40 gold veins have been identified, with 300 tonnes of gold already confirmed within 2,000 meters and a projected 700 tonnes extending to 3,000 meters. Rock samples reveal an exceptional ore quality of 138 grams of gold per tonne, far exceeding the industry standard of 8 grams.
This discovery could significantly bolster China’s domestic gold supply, as demand outpaces production. In 2024 alone, China consumed 741 tonnes but produced only 268 tonnes, leading to increased imports. Experts see this deposit as vital for enhancing the nation’s resource security amid rising geopolitical tensions and fluctuating gold prices, which recently surged to £2,171 ($2,759) per ounce following the announcement.
The find aligns with China’s SinoProbe II initiative, a six-year project aimed at mapping the country’s subterranean resources, expected to further unveil China's mineral wealth and reduce reliance on imports.