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China reports discovery of 'massive' gold deposit in Hunan
By He Huifengin
South China Morning Post, Hong Kong
Friday, November 22, 2024
China has discovered a "massive" new goldfield containing reserves worth tens of billions of dollars in the central province of Hunan as it steps up efforts to boost domestic reserves of strategic minerals.
Geologists identified more than 40 new gold veins located less than 2,000 meters (6,560 feet) underground at the Wangu gold mine in Pingjiang county, bringing the total gold resources in the mine's core area to 300.2 tonnes, the Hunan Provincial Geological Institute said in an online statement Thursday.
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The new find is classified as a "massive" reserve, with its more than 1,000 tonnes of gold deposits estimated to be worth about 600 billion yuan (US$82.8 billion) based on current market prices, it said.
Liu Yongjun, the institute's vice-president, said the discovery was a major achievement for China's mineral exploration strategy.
The statement also claimed that the find was "significant in helping safeguard the country's resource security." ...
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