Latest news with #CarlinTrend
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
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. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
India.com
4 days ago
- Business
- India.com
This country hits jackpot as gold deposit worth Rs 6,678,000,000,000 discovered in…., it is world's....
This country hits jackpot as gold deposit worth Rs 6,678,000,000,000 discovered in…., it is world's.... Gold, often referred to as the yellow metal, is one of the most expensive and valuable metals in the world. China has made a groundbreaking discovery that could reshape its economic future. A massive gold deposit worth over £63 billion has been found beneath an existing mine. According to Beijing officials, the underground reserve is estimated to contain around 1,100 tonnes of gold, buried as deep as 9,800 feet below the surface, reported NavBharat Times Hindi. Furthermore, the report stated that the experts believe this could be the largest known deposit of any precious metal ever found. In addition, the quality of the yellow metal is expected to be exceptionally high. Valued at over £63 billion, this find is being hailed as a game-changer not just for China, but potentially for global gold markets as well. According to the current exchange rate (approximately £1 = Rs 106), £63 billion is equivalent to around Rs 6,678,000,000,000 — that is, Rs 6.68 lakh crore in Indian rupees. A team of Chinese geologists has reportedly discovered over 40 gold veins beneath the Wangu Gold Field in Pingjiang County, Hunan Province, containing around 330 tons of gold ore at a depth of approximately 6,600 feet. Advanced 3D geological modeling indicates that the deposit could stretch as deep as 9,800 feet, potentially holding up to 1,100 tons of gold. If these estimates are accurate, the total value of the reserve could reach an astounding $83 billion. The discovery contains 138 grams of gold per metric ton of ore, which is extremely rare and indicates very high-quality gold. As per NavBharat Times Hindi, Chen Rulin from the Geological Bureau of Hunan Province stated that this additional gold reserve was found in the drilled rock cores. He added that if the estimate of 1,100 tons holds true, it would become the largest gold mine in the world. At present, the record for the world's largest gold mine belongs to the South Deep mine in South Africa, which contains 1,025 tons of gold. Mines in Indonesia, Russia, New Guinea, and Chile are among the top five gold mines globally. The Carlin Trend and Cortez gold mines in Nevada rank sixth and tenth in the world, respectively. If China's new gold reserve is confirmed, it could give a significant boost to the country's economy. So far, the world has seen about 233,000 tons of gold mined in various forms, with two-thirds of it extracted since 1950. China has emerged as a major player in gold mining, and experts believe the country still holds many undiscovered gold deposits, the report mentioned. Today, China leads the global gold market, with its mining industry accounting for roughly 10% of the world's total gold production. China currently ranks sixth in the world for gold reserves, with about 2,264 tons of gold. In recent years, the country has been steadily increasing its reserves, and with the recent discovery of new deposits, China's gold holdings are expected to grow even more soon. At present, the United States holds the largest gold reserve globally. Meanwhile, India stands in ninth place in the world in terms of gold reserves.
