'Supergiant' gold deposit discovered in China is one of the largest on Earth — and is worth more than $80 billion

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Chinese officials have announced the discovery of a massive deposit of high-quality gold ore, potentially worth around $83 billion, which could end up being the largest known deposit of the precious metal anywhere in the world.

A miner stands next to the drill
Researchers drilled down around 6,600 feet below the ground and identified more than 40 veins of gold ore. (Image credit: Alamy/Xinhua)

Scientists in China have uncovered a "supergiant" deposit of high-quality gold ore hidden near some of the country's existing gold mines. The vast reserve, which could be the largest single reservoir of the valuable metal left anywhere on Earth, is worth billions of dollars and caused the global price of gold to skyrocket to near-record highs.

The new deposit was uncovered at the Wangu gold field in the northeast of Hunan province, representatives from the Geological Bureau of Hunan Province (GBHP) told Chinese state media on Nov. 20. Workers detected more than 40 gold veins, which contained around 330 tons (300 metric tons) of gold down to a depth of 6,600 feet (2,000 meters). However, using 3D computer models, mining experts have predicted that there could be up to 1,100 tons (1,000 metric tons) of gold — roughly eight times heavier than the Statute of Liberty — hidden at depths of up to 9,800 feet (3,000 m).

Officials revealed that the maximum quality of the new deposit was 138 grams of gold per metric ton of ore, which is relatively high compared with most other gold mines around the world. "Many drilled rock cores showed visible gold," Chen Rulin, an ore-prospecting expert with GBHP, told state media.

More gold was also found during test drills around the new site's "peripheral areas," suggesting there are more large deposits waiting to be tapped in the future, experts said.

Related: Why is gold so soft?

Gold experts look at samples of ore with eyepieces to assess their value

Mining experts believe that the new deposit contains up to 1,100 tons of gold. (Image credit: Alamy/Xinhua)

It is hard to keep track of the amount of gold left in the various mines across the world due to fluctuations in the rate of extraction at each site and a lack of transparency in reporting results. However, as of 2022, the largest known remaining gold reserves on Earth are found in South Africa's South Deep gold mine, which has around 1,025 tons (930 metric tons) of gold, according to Mining Technology. This means the new deposit could be the largest known natural stockpile of gold on the planet.

News of the discovery sent ripples through the mining community and the wider global economy. The price of gold jumped to around $2,700 per ounce ($95,240 per kilogram) — just below a record high set earlier this year, according to CCN.com.

China is already the biggest producer of gold in the world, accounting for around 10% of global output in 2023, according to Reuters. However, the country still uses more gold than it can produce, consuming around three times as much of the precious metal as it can dig up. As a result, China relies heavily on importing gold from countries like Australia and South Africa.

A group of miners stand around a drill wearing high viability gear

China currently mines around 10% of the world's newly dug up gold every year. (Image credit: Alamy/Xinhua)

The new gold deposit could help alleviate this issue but will not solve the problem completely. Based on current consumption rates, the entire deposit would only supply the country's needs for around 1.4 years.

By the end of 2023, an estimated total of 234,332 tons (212,582 metric tons) of gold have been dug up in human history, with more than two-thirds of this being extracted since 1950, according to the World Gold Council.

This may seem like a lot. But if you were to melt down all the gold ever mined and put it into a single cube, it would only be around 72 feet (22 m) across, according to the World Gold Council — slightly shorter than the length of a blue whale (Balaenoptera musculus).

Harry Baker
Harry Baker
Senior Staff Writer

Harry is a U.K.-based senior staff writer at Live Science. He studied marine biology at the University of Exeter before training to become a journalist. He covers a wide range of topics including space exploration, planetary science, space weather, climate change, animal behavior and paleontology. His recent work on the solar maximum won "best space submission" at the 2024 Aerospace Media Awards and was shortlisted in the "top scoop" category at the NCTJ Awards for Excellence in 2023. He also writes Live Science's weekly Earth from space series.