2,000 tonnes of gold: China says new technology helped find largest known deposits
Scientists say they have discovered two potentially record-smashing 1,000-tonne gold deposits in central and northeastern China, and more discoveries could come with the use of advanced exploration technology.
Advertisement
If proven, these deposits could be among the largest in the world, and even surpass the largest known gold deposit in South Africa.
China is the world's largest producer of gold ore, reaching an output of 377 tonnes last year, according to the China Gold Association. While China is holding on to the top spot in gold production, it falls behind countries such as South Africa, Australia and Russia in
proven gold mine reserves
Gold is not only a means to
insulate financial systems from the vulnerabilities of fiat currencies, but also plays a role in the development of electronics, and even aerospace components, because of its properties.
Despite scepticism from some experts over reserve estimates, the discovery of two large gold deposits could help China maintain its pace of gold production and prevent a decline in output.
Advertisement
The first deposit discovery made headlines in November when in central China the Hunan province geological bureau announced it had found a super-large gold deposit with estimated reserves of more than 1,000 tonnes of gold, which could be worth more than 600 billion yuan ($US83 billion).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Ex-girlfriend made to read out loving texts she sent to accused rapper Combs
A defence lawyer for hip-hop entrepreneur Sean 'Diddy' Combs had his ex-girlfriend read aloud a series of loving text messages she sent him over the past few years until she broke down in tears on Wednesday. The second day of cross-examination by lawyer Teny Geragos seemed aimed at supporting the defence position that the woman, who testified under the pseudonym 'Jane', was a willing participant in the sometimes-weekly sex with male sex workers that Combs directed and watched for hours. Ms Geragos and Jane read aloud dozens of text messages exchanged during a relationship that stretched from 2021 until Combs was arrested last September. At one point, Jane read a text saying she had 'never had a man take care of me like you do' and professing her unending love for the entertainment icon – before Jane stopped reading and began sniffling, then dabbed tears from her eyes with a tissue. After prosecutors objected and requested a sidebar conversation with the judge away from the jury, Jane sat slumped in the witness chair, hair hanging over one side of her face. At the defence table, Combs was quietly reading from one of the TV monitors in front of him. It was the fifth day of testimony for Jane, who has said she still loves Combs. She previously discussed gaining insight into her relationship with Combs after three months of therapy. Jane also said she never wanted to have sex with any man except Combs but did so to please him. At other points on Wednesday, Ms Geragos elicited from Jane that she frequently became angry at Combs and wanted to end their relationship because she got upset that he was treating other girlfriends better. In one instance, Jane acknowledged, the Bad Boy Records founder even bought another girlfriend jewellery that was a matching set to jewellery he had given her. Prosecutors say they charged Combs with sex trafficking and racketeering conspiracy because he used threats, drugs and violence to force women into unwelcome sexual experiences and used his employees and associates to help him get what he wanted. Combs, 55, has pleaded not guilty. If convicted, he faces 15 years to life in prison. The testimony on Wednesday came during a shortened day in the courtroom that began in the afternoon. Ms Geragos said she expected to finish her cross-examination Thursday morning. Assistant US Attorney Maurene Comey, who is leading the prosecution, said the government expects to rest its case as early as next Wednesday. Defence lawyer Marc Agnifilo would not outline what will occur when the defence gets its turn to call witnesses, saying that will depend on which witnesses the government still calls to the stand, but he said he was confident the trial will end by July 4.
Daily Mail
23 minutes ago
- Daily Mail
EXCLUSIVE Britney Spears' friends make morbid prediction about looming 'last straw' for troubled star... as son, 18, flaunts latest eyewatering gift
Britney Spear's relationship with her son Jayden has left those close to her worried over his intentions, as the singer continues to shower the teen with gifts, including a luxe new Mercedes worth over $200,000. Last year, the singer reunited with her sons Sean Preston, 19, and Jayden, 18, whom she shares with her ex Kevin Federline, two years after it was revealed that their relationship had become strained.
Business Insider
23 minutes ago
- Business Insider
Trump's former Commerce Secretary, Wilbur Ross, says the US-China deal is still far from comprehensive
President Donald Trump's former Secretary of Commerce doesn't think the trade deal between the US and China is close to being "done." "It looks as though they made a fairly modest deal, mostly focusing on export controls on both the US side and the China side," Wilbur Ross, who was part of the first Trump administration, told Business Insider. "So it's far from a comprehensive deal." On Wednesday morning, Trump said on Truth Social that the deal with China is now "done." "It seems more or less to be reiterating the deal they thought they had set a few weeks ago," Ross said of the deal. China and the US reached a trade framework agreement on Tuesday, after their respective negotiation teams held two-day talks in London. The current Secretary of Commerce, Howard Lutnick, is part of the US trade talk team. "Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump added in all caps in the post. "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)." Ross said that the deal has not addressed many important issues, including intellectual property, so it may be too soon to call this a victory. "The Chinese side has been very careful to say it still needs to be approved by President Xi," said Ross. "When we negotiated with the China side last time, it wasn't unusual for the trade negotiators to agree to something, and then they would go back to Xi, and he would not go along with it." This year in duties on imports from China reached up to 245% on some goods. On May 14, many of the tariffs on China were reduced to 30% for 90 days, with a deadline of August 12. A 10% baseline tariff is still in place on the rest of the world, while additional higher tariffs on 75 countries have been paused until July 9. Ross said that it would be important to complete at least a few deals with key trading partners before the tariff pause on 75 countries expires. "I think that will help clear the air for the stock market because it'll start to show a direction and that there is a way to get all these things resolved," he said. "It's very important from a bond market point of view and from an equity market point of view."
