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Scientists inChinahave expose a " supergiant " depository of high - qualitygoldore hide near some of the commonwealth ’s existing gold mines . The vast reserve , which could be the largest single artificial lake of thevaluable metalleft anywhere on Earth , is worth billions of dollars and have the global price of gold to skyrocket to skinny - record book high .
The fresh deposit was uncovered at the Wangu amber field in the northeast of Hunan province , representatives from the Geological Bureau of Hunan Province ( GBHP)told Chinese United States Department of State medium on Nov. 20 . Workers detected more than 40 atomic number 79 veins , which contained around 330 tons ( 300 metric oodles ) of Au down to a depth of 6,600 feet ( 2,000 meters ) . However , using 3D computer models , excavation experts have predicted that there could be up to 1,100 tons ( 1,000 metric lashings ) of gold — roughly eight times heavy than the Statute of Liberty — hide at depths of up to 9,800 feet ( 3,000 m ) .
Researchers drilled down around 6,600 feet below the ground and identified more than 40 veins of gold ore.
If true , the entire deposit is in all likelihood worth around 600 billion yuan ( $ 83 billion ) , GBHP officials said .
functionary revealed that the maximal quality of the new deposit was 138 grams of gold per metrical ton of ore , which is comparatively highcompared with most other aureate mine around the worldly concern . " Many drilled rock cores showed seeable Au , " Chen Rulin , an ore - prospecting expert with GBHP , told state media .
More gold was also found during examination drill around the new site ’s " peripheral expanse , " suggesting there are more large depository waiting to be tap in the time to come , expert said .
Mining experts believe that the new deposit contains up to 1,100 tons of gold.
pertain : Why is amber so gentle ?
It is hard to keep path of the amount of Au left in the various mine across the world due to fluctuations in the rate of extraction at each site and a deficiency of transparentness in reporting results . However , as of 2022 , the large known stay gold substitute on Earth are found in South Africa ’s South Deep amber mine , which has around 1,025 tons ( 930 metric tons ) of Au , agree toMining Technology . This means the new deposit could be the largest known natural stockpile of gold on the major planet .
news show of the discovery sent ripples through the mining biotic community and the wide world-wide economy . The Leontyne Price of gold jumped to around $ 2,700 per ounce ( $ 95,240 per kilogram ) — just below a record gamy set earlier this class , according toCCN.com .
China currently mines around 10% of the world’s newly dug up gold every year.
China is already the biggest producer of gold in the world , accounting for around 10 % of global output in 2023 , according toReuters . However , the country still uses more gold than it can make , consuming around three time as much of the cute alloy as it can dig up . As a result , China relies intemperately on importing gold from countries like Australia and South Africa .
The new gold deposit could help alleviate this subject but will not puzzle out the problem totally . ground on current ingestion rates , the entire repository would only add the country ’s needs for around 1.4 long time .
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By the goal of 2023 , an estimated total of 234,332 dozens ( 212,582 metrical tons ) of gold have been hollow up in human account , with more than two - third base of this being evoke since 1950 , fit in to theWorld Gold Council .
This may seem like a great deal . But if you were to melt down all the atomic number 79 ever mined and put it into a single third power , it would only be around 72 feet ( 22 1000 ) across , accord to the World Gold Council — slenderly shorter than the length of ablue whale(Balaenoptera musculus ) .
