China has discovered gold reserves worth 600 billion yuan ($82.9 billion) in Pingjiang county, Hunan province, according to state media, Reuters reports.
The Hunan Academy of Geology identified over 40 gold ore veins in Pingjiang county, with 300.2 tons of gold found at depths exceeding 2,000 meters and potential reserves surpassing 1,000 tons at depths over 3,000 meters.
China, the world’s largest gold producer, accounted for around 10% of global gold output in 2023 but still relies on imports to meet domestic demand, consuming 741.7 metric tons in the first three quarters while producing 268.1 tons. Gold prices have risen this year, with the Shanghai Futures Exchange reaching an all-time high of 639.48 yuan per gram in October.
