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Chinese geologists discover gold reserves worth over $82 billion

Wangu gold discovery news
Stock photo.

Chinese geologists have discovered gold reserves valued at some $82.8 billion at a deposit in the central province of Hunan, the province’s geological bureau said on Thursday.

Geologists have identified more than 40 gold-bearing veins at a depth of over 2,000 metres (6,561 feet) at the Wangu gold deposit in Pingjiang County, according to a statement on WeChat.

A total of 300.2 tonnes of gold reserves were found in the primary exploration area, with the highest gold content in the ore reaching 138 grams (4.9 ounces) per tonne.

“Experts agree that the scale of the ore deposits at the Wangu gold site is immense. It is estimated that at a depth of more than 3,000 metres, the gold reserves could exceed 1,000 tonnes, with the value of the resources reaching 600 billion yuan [$82.8 billion] based on the current price of gold,” the statement said.

China is the world’s largest gold producer. According to data from the World Gold Council, China accounted for about 10% of global gold production in 2023.

Image credit: Kamran Abdullayev

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3 COMMENTS

  1. Apparently as Martin Armstrong was saying there was a large amount of gold dropped into a 1000ft lake somewhere in Russia around the time of the Bolshevik jew revolution in 1917
    Story goes a lot of people have attempted looking for this
    Might be true but could be like the murder of the Tsar Nicholas and his family where there are different narratives as to whether in fact they were murdered or not
    I wasn’t there so I wouldn’t know

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