Latest news with #GeologicalBureau
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.
Yahoo
28-03-2025
- Business
- Yahoo
China claims discovery of yet another record-smashing gold deposit
Chinese geologists claim to have discovered a record-smashing 1,000-tonne deposit of gold in the country's northeast, following last year's find of over $80bn (£63bn) worth of the precious metal. Researchers say China's advanced mineral prospecting technology is facilitating the discovery of these massive deposits, which are among the largest in the world. Gold enables countries to protect their economies amid global financial fluctuation and is also used in the development of batteries and electronics. While China is the world's largest gold producer, with an output reaching nearly 380 tonnes by 2024, its proven gold deposits are still behind those of South Africa and Australia. Discoveries, such as the latest one in the northeastern province of Liaoning, could help the country maintain its competition in gold production. However, many experts are skeptical about the accuracy of the recent estimates and raise doubts about the quality and mineability of these new deposits. But China maintains that these are 'easy-to-mine' sites with a high gold recovery rate. Local news reports claim that the deposit site stretches over 3km (9,800ft) from east to west and more than 2,5km from north to south, SCMP reported. Details of the Liaoning gold deposit discovery were recently published in the journal China Mining Magazine. This comes days after November's report of geologists finding an estimated $80bn (£63bn) worth of gold at the Wangu goldfield in Wunan province. Hunan's Geological Bureau said it discovered 40 veins on rocks filled with gold, around a mile deep into the ground. The Bureau said these veins could hold 300 tonnes of gold with more reserves likely at greater depths. In all, it said there could be over 1,000 metric tonnes of gold at the site. Following the discovery, the Hunan Provincial Geological Institute said the find was 'significant in helping safeguard the country's resource security'. But geologists, including those at the World Gold Council, have called for independent verification and further drilling to confirm these estimates, adding that it could also take years to bring these deposits into production. These discoveries also bring to focus China's advancements in gold prospecting technology, experts say. 'Important progress has been made in prospecting, exploration and deposit research,' the team behind the latest discovery wrote. 'In the new round of exploration in 2024, the exploration method of combining general and detailed exploration was adopted. At present, all construction drilling holes have found ore,' it said.
The Independent
28-03-2025
- Business
- The Independent
China claims discovery of yet another record-smashing gold deposit
Chinese geologists claim to have discovered a record-smashing 1,000-tonne deposit of g old in the country's northeast, following last year's find of over $80bn (£63bn) worth of the precious metal. Researchers say China 's advanced mineral prospecting technology is facilitating the discovery of these massive deposits, which are among the largest in the world. Gold enables countries to protect their economies amid global financial fluctuation and is also used in the development of batteries and electronics. While China is the world's largest gold producer, with an output reaching nearly 380 tonnes by 2024, its proven gold deposits are still behind those of South Africa and Australia. Discoveries, such as the latest one in the northeastern province of Liaoning, could help the country maintain its competition in gold production. However, many experts are skeptical about the accuracy of the recent estimates and raise doubts about the quality and mineability of these new deposits. But China maintains that these are 'easy-to-mine' sites with a high gold recovery rate. Local news reports claim that the deposit site stretches over 3km (9,800ft) from east to west and more than 2,5km from north to south, SCMP reported. Details of the Liaoning gold deposit discovery were recently published in the journal China Mining Magazine. This comes days after November's report of geologists finding an estimated $80bn (£63bn) worth of gold at the Wangu goldfield in Wunan province. Hunan's Geological Bureau said it discovered 40 veins on rocks filled with gold, around a mile deep into the ground. The Bureau said these veins could hold 300 tonnes of gold with more reserves likely at greater depths. In all, it said there could be over 1,000 metric tonnes of gold at the site. Following the discovery, the Hunan Provincial Geological Institute said the find was 'significant in helping safeguard the country's resource security'. But geologists, including those at the World Gold Council, have called for independent verification and further drilling to confirm these estimates, adding that it could also take years to bring these deposits into production. These discoveries also bring to focus China's advancements in gold prospecting technology, experts say. 'Important progress has been made in prospecting, exploration and deposit research,' the team behind the latest discovery wrote. 'In the new round of exploration in 2024, the exploration method of combining general and detailed exploration was adopted. At present, all construction drilling holes have found ore,' it said.
