China has discovered gold reserves worth 600 billion yuan ($82.9 billion) in the central Hunan province, according to state media outlet Xinhua.
China holds the world’s largest gold reserves and remains the biggest producer, contributing approximately 10% of global gold output in 2023, as per data from the World Gold Council.
In the first three quarters of 2023, China consumed 741.732 metric tons of gold, while its output stood at 268.068 tons, highlighting its reliance on imports to meet domestic demand despite possessing the world’s largest gold reserves.
The Hunan Academy of Geology uncovered over 40 gold ore veins at depths exceeding 2,000 meters in Pingjiang County. These veins contained a total of 300.2 tons of gold resources within the core exploration area, with the highest grade reaching 138 grams per metric ton, Xinhua reported.
According to forecasts, there could be more than 1,000 tons of gold reserves at depths greater than 3,000 meters. This discovery further solidifies China’s position as the holder of the world’s largest gold reserves, aided by advanced exploration techniques such as 3D geological modelling.
