World's Largest Gold Deposit Found in China Worth RM369 Billion



The world's largest gold deposit was discovered in China this week, with local geologists estimating it to be worth RMB 600 billion (~RM369 billion). The Wangu gold field in central China is believed to contain 1,000 metric tons of gold. This puts it ahead of South Africa's South Deep mine, which contains 930 metric tons of gold.


The Hunan Provincial Geological Bureau announced the discovery of 40 gold veins with deposits up to 3 kilometers underground. China currently accounts for 10% of the world's gold production, making it the largest.


However, China's annual gold needs are much higher, with estimates that if all of Wangu's gold were mined, it would only last for 1.4 years. Gold is a commodity needed for the manufacture of electronics.


To date, an estimated 212,582 metric tons of gold have been mined by humans, with 2/3 of it mined after 1950. It is believed that humans began mining gold over 6,000 years ago in Egypt and the Middle East, using it as an ornament and a symbol of wealth and status.

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