Latest news with #ChenRulin
News.com.au
6 days ago
- Business
- News.com.au
$83bn discovery throws market into frenzy
Have we accidentally found El Dorado? It seems Chinese geologists from the Bureau of Hunan Province may have stumbled upon a literal mountain of wealth. Scientists are already suggesting it might be the largest precious metal deposit ever discovered. The jackpot is located beneath the Wangu gold field in Pingjiang County. Initial drilling 2,011 metres beneath the surface has uncovered more than 40 gold veins. This preliminary detection alone is estimated to hold around 330 tonnes, equivalent to 330,000 kilograms, of gold ore. It has already been classified as a 'supergiant' gold ore deposit. 3D modelling reveals the deposit could stretch nearly 3,048 metres down, and sitting deep within the Earth at those depths could be a mind-blowing 1,100 tonnes of gold ore. The estimated value? A staggering $83 billion To put that into perspective, South Africa's 'South Deep' gold mine, currently one of the world's largest, holds around 1,025 tonnes. This new Chinese discovery could potentially dethrone it and become the largest gold mine on the planet. Other major players globally are located in Indonesia, Russia, New Guinea, Chile, and the USA. It's not just the sheer volume either – the quality is reportedly ridiculously high. The deposit is averaging 138 grams of gold per metric tonne of ore, which experts describe as a valuable rate 'not often found in gold mining.' According to Chen Rulin, an ore-prospecting expert at China's Hunan Province's Geological Bureau, 'Many drilled rock cores showed visible gold' in samples. This discovery comes at a crucial time for China. The nation is already the world's top gold producer, accounting for about 10 per cent of global production. However, China is also heavily dependent on gold, using approximately three times more than it mines annually thanks to booming demand for jewellery, tech, and central bank reserves. As China seeks to protect itself from geopolitical risks - especially ongoing trade tensions and the threat of financial sanctions from the U.S - this breakthrough is expected to reduce the country's reliance on imports and boost its self-sufficiency in a critical resource. According to the New York Post, this news 'put the world's gold markets on notice.' Following the announcement, gold prices reportedly surged to $130 per gram, as reported by CCN. Social media lit up with reactions - one user on X commented, 'Oo. That's why GOVT spiked after close,' while another simply said, 'America is mad.' This jump in gold prices could bring both opportunities and challenges for Australia. In the short term, higher prices may benefit Aussie gold miners through increased profits. But over time, global demand for Australian gold could decline - putting pressure on the broader trade relationship between the two countries. Geologists also believe the nearby geological formations could be part of a much larger, interconnected system. According to Liu Yongjun, vice head of the bureau, additional gold ore was found during drilling in the peripheral areas surrounding the main discovery site. This suggests this 'supergiant' find could potentially be just the beginning. 'It will take a while to get down there.' Source: X 'They dug so deep that they came up from the bottom of Fort Knox.' Source: X Historically, 233,000 tonnes of gold have been mined worldwide, with two-thirds of that mined since 1950. Unlike many other natural resources, gold is resistant to corrosion, and nearly indestructible - which means that virtually all of the gold ever mined is believed to still exist in some form. Wowser.
India.com
01-06-2025
- 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.
Yahoo
17-03-2025
- Business
- Yahoo
'Supergiant' Gold Deposit May Be Worth Over US$80 Billion
A "supergiant" deposit of high-quality gold ore containing an estimated 1,000 metric tons (1,100 US tons) of the precious metal was discovered in central China in late 2024, according to Chinese state media. Valued at up to approximately 600 billion yuan or US$83 billion, the discovery could be one of the largest and most lucrative reservoirs of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa. Some commentators are not yet convinced of the deposit's scale and feasability, but if the discovery becomes verified, it will represent a major find for China. The Geological Bureau of Hunan Province announced the detection of 40 gold veins within a depth of 2 kilometers (1.2 miles) in the northeast Hunan county of Pingjiang. These alone were thought to contain 300 metric tons of gold, with 3D modeling suggesting additional reserves may be found to a depth of 3 kilometers. "Many drilled rock cores showed visible gold," said bureau prospector Chen Rulin at the time of the discovery. Core samples suggest every metric ton of ore could contain as much as 138 grams (nearly 5 ounces) of gold – an extraordinary level of quality considering ore excavated from underground mines is considered high grade if it contains more than 8 grams. China already dominates the world's gold market with reserves considered to be in excess of 2,000 tons earlier in 2024, its mining industry contributing around 10 percent of the global output. Announcements of the findings initially contributed to a further increase in the already skyrocketing gold price, with demands for the resource generally rising strongly in time of global economic uncertainty. Just how many bonanzas of the valuable ore remain yet to be discovered around the world is unclear, with experts divided on whether we've reached peak gold. Forged in the furnaces of embracing stars long before Earth was formed, our planet's glittering veins are a finite resource that take eons to precipitate into an easily mineable form. Based on these findings, we might be far from exhausting economically viable reserves. Core samples taken around the periphery of the Hunan site hint that the deposit may extend even further than initial predictions, making the reservoir beneath its soil a true dragon's haul. The discovery in late 2024 capped off what was a notable year for gold discoveries. In March 2024, a treasure hunter in England found what was estimated to perhaps be the biggest gold nugget ever found in the country. And just months later, research by scientists in Australia discovered a new mechanism that may lead to the formation of gold, suggesting the seismic activity of earthquakes actually plays a role in the creation of large nuggets. But that's not all. In addition to learning more about how gold naturally forms, scientists are also investigating new things that can be done to manipulate the precious resource. A study published in April 2024 reported the creation of a new kind of two-dimensional gold called 'goldene', measuring only a single layer of atoms in height, which has some interesting properties not seen in the three-dimensional form of gold. While gold is an ancient metal that has been prized all throughout human history, there's clearly a lot we're still finding out about it. An earlier version of this article was published in November 2024. Whale Pee Transports Nutrients Across Thousands of Miles, Study Reveals Do Cats Have Friends? Experts Reveal The Truth About Feline Friendship This Mysterious Fish Became a Viral Phenomenon. Here's Why.
