Giant Gold Mine Discovered in Hunan Province, China
Local Media Say "Jackpot Hit"
A massive gold mine with reserves of 300 tons has been discovered in Hunan Province, China. It is estimated that the total reserves could exceed 1,000 tons if the exploration area is expanded, with a total valuation reported to reach 115 trillion won.
On the 25th, Yonhap News, citing Chinese economic media Jailyanshe and others, reported that Hunan Gold, a gold mine developer in Hunan Province, announced that it discovered more than 40 gold veins at a depth of 2,000 meters underground at the Wanggu Gold Mine in Hunan Province the day before. The company stated, "The currently discovered reserves in the core exploration area are about 300 tons, and if the exploration area is expanded to 3,000 meters, the expected reserves will be about 1,000 tons." It added, "The total valuation amounts to 600 billion yuan (approximately 115 trillion won)."
Pingjiang County, where the Wanggu Gold Mine is located, is one of the most important gold mining areas in China, known to have been mined since the Qing Dynasty. Liu Yongjun, Deputy Director of the Hunan Institute of Geological Sciences, evaluated, "This gold mine discovery is an important achievement in China's mineral exploration strategy."
Following the news of the gold vein discovery, the stock price of the gold mine developer soared to unprecedented heights. Hunan Gold disclosed, "On the 21st and 22nd, the closing price of our shares rose by more than 20% for two consecutive days, showing abnormal movements," and directly revealed information related to the gold mine discovery previously reported locally. On that day as well, Hunan Gold's stock price hit the upper limit immediately after the market opened.
Hunan Gold stated that the 300 tons of reserves discovered so far represent the cumulative amount of gold found in the area over several years, including gold that has already been mined. Thanks to the rise in gold prices, Hunan Gold's sales from the first to third quarters of this year reached 20.989 billion yuan (approximately 4.05 trillion won), an increase of 11.93% compared to the same period last year.
Earlier, local media competed to report the news of Hunan Gold's gold mine discovery as a "jackpot." However, some pointed out the need for cautious approach due to significant uncertainties regarding the provisional reserves of 1,000 tons.
Meanwhile, in China, a large-scale gold mine was also discovered in December last year in the Inner Mongolia Autonomous Region. The gold reserves in this mine were estimated at 38 tons, valued at 17 billion yuan (approximately 3.0894 trillion won). Additionally, in May, an ultra-large gold mine with reserves of 580 tons and an economic value approaching 38 trillion won was discovered in Shandong Province, China.
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