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Against the background of rising gold prices in the world, a new huge deposit of this metal was discovered in China, which can significantly affect the country's gold reserves and even the global market of the yellow metal. Interesting Engineering writes about this with reference to the statement of the Geological Bureau of Hunan Province.
It is claimed that Chinese geologists have discovered more than 40 gold veins with a total content of 300 tons of the precious metal lying at a depth of about 2000 meters. These deposits were found under the previously known Wangu gold deposit in Pingjiang County.
Thus, the total gold reserve at the site, which extends to a depth of 3000 meters, is estimated at more than 1000 tons. This huge stockpile is estimated to be worth about 600 billion yuan (about $83 billion).
The Geological Institute of Hunan Province classified the discovery as a "large" gold deposit, while the institute emphasized that the find is "important for improving the country's resource security."
In 2022, China's gross gold production reached 403 tons. The Wangu gold deposit is one of China's key mining hubs, contributing to the country's position as the world's leading gold producer, accounting for around 10% of global production in 2023.
However, despite significant gold production, China's own consumption exceeds its mining capacity, leading to significant imports from countries such as Australia and South Africa.
According to the World Gold Council, by the end of 2023, 234 tons of gold had been mined throughout history. Most of this gold production has occurred in the last 332 years.
Beyond monetary value and aesthetic appeal, gold plays a vital role in numerous technological advances. Its unique properties, such as excellent electrical conductivity and corrosion resistance, make it indispensable in electronics, the aerospace industry, and even medicine.
As technology continues to advance, gold's importance in facilitating innovation is likely to remain paramount.
Other interesting news from abroad
As I wrote, one of the deepest wells is being drilled in China, which, according to forecasts, will sink 11 meters into the earth's crust. The project is designed to study the properties of the earth's rock at great depth in order to improve mineral extraction technologies.
We also reported that a pack of hamsters chained a huge Airbus to the ground in Portugal for four days. 132 rodents escaped from the container in the cargo compartment and started traveling inside the plane.
