China discovers huge gold deposit worth $3 trillion

[beijingwalker]

China discovers huge gold deposit worth $3 trillion
Gong Zhe

21:11, 19-Mar-2023

China has recently discovered a gold deposit of nearly 50 tonnes. /CFP

China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 trillion at current market price.

The deposit is located in rural Rushan City, eastern China's Shandong Province, according to province mineral resource authority.

"The deposit covers a large area," said Shandong Provincial Bureau of Geology and Mineral Resources. "The ores are easy to mine and dress."

Shandong Province is rich in gold resources with a larger production than any other provincial areas across China for the past four decades.

"The prospectors drilled more than 250 holes as deep as 1,400 meters to find the deposit," Zhou Mingling, deputy head of the 6th Geological Brigade at the bureau, told local media Dazhong Daily.
Government evaluation showed the deposit can produce 2,000 tonnes of gold ores for at least 20 years.

China discovers huge gold deposit worth $3 billion

Experts said mining will take more than 20 years.

news.cgtn.com

 

[kankan326]

Good for the upcoming de-dollarization.

 

[Song Hong]

China published gold mine is NOT big at all. And the grade is horrible.

Even at one time South Africa tailings has better grade.

China may have secret large gold mine, that she do not want to publish and exploit.

 

[Brainsucker]

I'm confused, how can a gold deposit reserve of 50 tonnes can produce 2000 tonnes of gold ore for 20 years?

 

[Song Hong]

I'm confused, how can a gold deposit reserve of 50 tonnes can produce 2000 tonnes of gold ore for 20 years?

No contradiction. 2000 tonnes or raw ore. 50 tonnes of gold.

This is quite high grade 2.5%. However if the mine is underground it may still not profitable.


In contrast, South Africa mine used to be 6% surface mine. Now they go deeper and deeper but still grade around 6%. Single mine in South Africa can have 3000t -10,000t gold alone, not ore.. and no one actually knows how many. Geologist just survey more as they mine deeper.

 

[kris]

China discovers huge gold deposit worth $3 trillion
Gong Zhe

21:11, 19-Mar-2023

China has recently discovered a gold deposit of nearly 50 tonnes. /CFP

China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 trillion at current market price.

The deposit is located in rural Rushan City, eastern China's Shandong Province, according to province mineral resource authority.

"The deposit covers a large area," said Shandong Provincial Bureau of Geology and Mineral Resources. "The ores are easy to mine and dress."

Shandong Province is rich in gold resources with a larger production than any other provincial areas across China for the past four decades.

"The prospectors drilled more than 250 holes as deep as 1,400 meters to find the deposit," Zhou Mingling, deputy head of the 6th Geological Brigade at the bureau, told local media Dazhong Daily.
Government evaluation showed the deposit can produce 2,000 tonnes of gold ores for at least 20 years.

China discovers huge gold deposit worth $3 billion

Experts said mining will take more than 20 years.

news.cgtn.com

Congratulations

 

[StraightEdge]

50 tons of gold in present rate is about 3 billion, not 3 trillion. Someone definitely didn't proof read the article.
I don't think anyone finding 50 tonnes of gold is such a big deal, unless the deposit is like 50,000 tons.

 

[JSCh]

China confirms 592 tons of gold reserves in country’s largest gold mine - Global Times

www.globaltimes.cn

 

[dbc]

China discovers huge gold deposit worth $3 trillion
Gong Zhe

21:11, 19-Mar-2023

China has recently discovered a gold deposit of nearly 50 tonnes. /CFP

China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 trillion at current market price.

The deposit is located in rural Rushan City, eastern China's Shandong Province, according to province mineral resource authority.

"The deposit covers a large area," said Shandong Provincial Bureau of Geology and Mineral Resources. "The ores are easy to mine and dress."

Shandong Province is rich in gold resources with a larger production than any other provincial areas across China for the past four decades.

"The prospectors drilled more than 250 holes as deep as 1,400 meters to find the deposit," Zhou Mingling, deputy head of the 6th Geological Brigade at the bureau, told local media Dazhong Daily.
Government evaluation showed the deposit can produce 2,000 tonnes of gold ores for at least 20 years.

China discovers huge gold deposit worth $3 billion

Experts said mining will take more than 20 years.

news.cgtn.com

It’s 3 Billion not Trillion USD.
1 Ton of GOLD is around 55 million USD.
50 Tons is around 2.7 Billion USD,

 

[jhungary]

It’s 3 Billion not Trillion USD.
1 Ton of GOLD is around 55 million USD.
50 Tons is around 2.7 Billion USD,

It's Beijing, what do you expect??

50 tons of gold in present rate is about 3 billion, not 3 trillion. Someone definitely didn't proof read the article.
I don't think anyone finding 50 tonnes of gold is such a big deal, unless the deposit is like 50,000 tons.

I would have died of heart attack if I found 50 tons of gold in my backyard.

 

[dbc]

It's Beijing, what do you expect??

Not much if I’m honest.The CGTN headline clearly says 3 Billion but our resident serial liar @beijingwalker changed it to 3 Trillion.

 

[Muji.Iqbal]

China discovers huge gold deposit worth $3 trillion
Gong Zhe

21:11, 19-Mar-2023

China has recently discovered a gold deposit of nearly 50 tonnes. /CFP

China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 trillion at current market price.

The deposit is located in rural Rushan City, eastern China's Shandong Province, according to province mineral resource authority.

"The deposit covers a large area," said Shandong Provincial Bureau of Geology and Mineral Resources. "The ores are easy to mine and dress."

Shandong Province is rich in gold resources with a larger production than any other provincial areas across China for the past four decades.

"The prospectors drilled more than 250 holes as deep as 1,400 meters to find the deposit," Zhou Mingling, deputy head of the 6th Geological Brigade at the bureau, told local media Dazhong Daily.
Government evaluation showed the deposit can produce 2,000 tonnes of gold ores for at least 20 years.

China discovers huge gold deposit worth $3 billion

Experts said mining will take more than 20 years.

news.cgtn.com

Good. We Pakistanis are happy for China. May China become the world's largest economy in NOMINAL GDP Insh'Allah.

 

[BHAN85]

And what is the cost of extract that $ 2.7 bn gold? Because that is what matters, the profit.