Yes — in late 2024 and ongoing into 2025, Chinese geologists announced the discovery of an enormous new gold deposit in central China that’s potentially the largest gold reserve ever identified, with estimates of its value at around US $83 billion. �
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📍 Key facts about the discovery
Location: Pingjiang County, Hunan Province, central China. �
Geo News
Site name: The Wangu gold field, a long-known mining area that has yielded even more below the surface. �
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Estimated size: Geologists have detected over 40 gold veins, with an initial identified core of about 300 metric tons of gold ore, and models suggesting total deposits could exceed 1,000 metric tons. �
Geo News
Value estimate: Based on market prices and projected tonnage, this reserve is valued at about 600 billion yuan (~US $83 billion) — making it one of the most valuable gold finds ever. �
e.vnexpress.net
Depth: The gold veins extend deep underground — over 2 km down, with potential resources deeper still. �
news.cgtn.com
Quality: Preliminary drilling found high gold grades — for example, around 138 grams per metric ton in some samples — far above many typical commercial ore grades. �
benzinga.com
🌍 Significance
If these estimates hold up after further geological surveys and economic feasibility studies, this deposit could surpass other major gold reserves worldwide (for example, South Africa’s South Deep mine, historically one of the largest). �
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It underscores China’s growing importance in global gold resources — China already accounts for about 10 % of world gold production and is a major importer. �
e.vnexpress.net
🧪 Notes and context
These figures come from initial exploration and state media reports — actual extractable amounts and economic viability can only be
