A massive gold deposit worth an estimated £64 billion ($83 billion) has been discovered in China’s Hunan province, according to Chinese state media. The find, which was reported in late 2024, could be one of the largest high-quality gold reserves in the world, surpassing even South Africa’s South Deep mine, which holds around 900 metric tons of gold.
However, some experts remain skeptical about the true scale and feasibility of the discovery. The World Gold Council (WGC) has warned that China’s mineral reporting standards do not align with global frameworks, meaning the actual reserves could be significantly lower than the initial claim. According to the Geological Bureau of Hunan Province, the deposit was found in the Wangu gold field in Pingjiang county. Early surveys detected 40 gold veins at depths of up to two kilometres (1.2 miles), which were initially estimated to hold 300 metric tons of gold.
But 3D modelling suggested that further reserves could exist at three kilometres, bringing the total to 1,000 metric tons (1,100 US tons).
Bureau prospector Chen Rulin said core samples taken from the site contained visible gold, with some high-grade deposits reaching up to 138 grams per metric ton – an extremely high concentration compared to global mining standards.
The news sparked interest in global markets, as China is already the world’s largest gold producer, responsible for around 10% of global gold output.
If verified, this discovery could significantly increase the country’s reserves, which were already reported to be over 2,000 metric tons earlier in 2024.
However, industry experts have urged caution. WGC senior market strategist John Reade said that while the 300-metric-ton figure seemed reasonable, the 1,000-tonne estimate was likely “aspirational” rather than based on solid evidence.
“Much more drilling would be needed to turn this into a reserve,” he said in a statement to Mining.com.
He also pointed out that mining at such extreme depths (2,000 to 3,000 metres) presents major technical challenges, including heat, seismic risks, and high costs.
Even South Africa’s Mponeng mine, the world’s deepest gold mine at over 4,000 metres, struggles with profitability – despite advanced mining techniques.
Another key issue is independent verification. Unlike Canada’s NI 43-101 or Australia’s JORC code, China’s reporting standards do not follow international norms, making it difficult to confirm the accuracy of the claim.
Some analysts have also drawn comparisons to the 2020 Sonbhadra gold discovery in India, where local officials initially claimed to have found 3,000 metric tons of gold.
However, a later Geological Survey of India assessment determined the actual reserves were just 160 kilograms – a tiny fraction of the original claim.
If a similar reassessment occurs in China, the Hunan discovery could turn out to be far smaller than advertised.