China Announces World's Largest Gold Mine Discovery amid Rare Earth Race
Taarek Refaat
China makes the world's largest discovery of its kind, after discovering a massive gold mine in Pingjiang Province, amid the geopolitical rivalry between the United States and China over rare earth minerals.
According to Chinese state media, a team of geologists discovered more than 40 gold veins inside the Wangu mine, weighing an estimated 330 tons of gold ore, 6,600 feet underground. However, 3D modeling conducted by the geological team revealed the potential presence of approximately 1,100 tons of gold at a depth of up to 9,800 feet. This could bring the total value of these deposits to nearly $83 billion, if the estimates prove accurate.
The significance of this discovery is compounded by the average gold concentration in the ore, which reached 138 grams per metric ton, a figure rarely seen in conventional mining operations.
"Many drilled rock samples have shown visible amounts of gold," Chen Ruolin, a prospecting expert with the Hunan Provincial Geological Bureau, said in statements carried by state media.
If the 1,100-ton estimate is confirmed, the Wanguo mine would surpass South Africa's South Deep mine, which is currently the world's largest with reserves of 1,025 tons, according to Mining Technology.
The list of the world's largest gold mines also includes major sites in Indonesia, Russia, Papua New Guinea, and Chile, while the Carlin Trend and Cortez mines in Nevada, USA, rank sixth and tenth, respectively.
The total amount of gold extracted by humans throughout history is approximately 233,000 tons, two-thirds of which has been produced since 1950. Most of this gold is still stored in some form around the world.
China is the world's largest producer of gold, contributing approximately 10% of global production. However, it consumes approximately three times what it produces annually, making it also the world's largest importer of gold.
The announcement of this new discovery has sparked anticipation in global gold markets, especially as prices for the precious metal continue to rise, strengthening China's economic position in the face of Western pressure.
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