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The Wangu gold field in Pingjiang County, Hunan, China, was reported in November 2024 to contain estimated gold reserves of more than 1,000 tonnes within a depth of 3,000 meters. That is a geological estimate—not gold already mined or available for sale. The figure of €78 billion is a secondary conversion; China’s Xinhua News Agency reported the estimate’s value as 600 billion yuan, or about US$83 billion at the time.
Where the gold was found
The discovery is at the Wangu gold field in Pingjiang County, Hunan Province, in central China. On 21 November 2024, Xinhua reported that the Geological Bureau of Hunan Province had announced a superlarge deposit there. The announcement concerned exploration results, not a completed mine or an amount of gold already recovered.
How much gold is estimated
The bureau’s estimate was more than 1,000 tonnes within a depth of 3,000 meters. Xinhua also reported more than 40 gold veins and an estimate of 300 tonnes within the 2,000-meter range. These figures describe estimates at different exploration depths; they should not be added together as separate deposits.
The reported grade figures also need context. Xinhua said ore in the 2,000-meter range reached a maximum of 138 grams of gold per tonne. That is a reported maximum, not the average grade of the field or a guarantee that all ore can be mined economically. The report said exploration used 3D geological modeling and that drilling around the field’s edges also encountered gold. It quoted provincial-bureau ore-prospecting expert Chen Rulin saying, “Many drilled rock cores showed visible gold,”.
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- COMPLETE GOLD PANNING KIT FOR ADULTS & BEGINNERS: Scoop paydirt with the 12" scoop, screen it through the 6" mini gold classifier, run it through the pocket sluice box, then finish in two patented spiral riffle gold pans. Everything for a first day on the creek, packed in one drawstring backpack.
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What “worth €78 billion” means
Xinhua gave the estimated deposit a value of 600 billion yuan, approximately US$83 billion. Vox News Albania later rendered that yuan figure as approximately €78 billion. The euro amount is a secondary conversion, not the currency used in Xinhua’s announcement; exchange rates and gold prices change, so neither figure should be read as a current market valuation.
A valuation attached to an estimated resource is not the same as a mine’s revenue, profit, or value to investors. The announcement does not establish how much of the estimated gold can ultimately be extracted, what extraction would cost, or how long production might take. The headline value therefore does not mean that China—or a company—has €78 billion in saleable gold on hand.
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- 844
- 12" POCKET SLUICE BOX WITH MINERS MOSS: A rubber riffle mat and miners moss trap heavy gold in a sluice small enough to carry anywhere. Use it to sample-test a gravel bar before hauling in big gear, clean up concentrates at home, or show kids how a sluice works.
- PATENTED SPIRAL RIFFLE GOLD PANS (US 12,582,996): Deep-walled 9" and 11" pans built like a classic prospector's pan, not a shallow dish. Aggressive riffles knock out light material fast, and the spiral riffles hold the fine flakes that flat-bottom pans wash away during finish panning.
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- DESIGNED BY KEYESVILLE, CALIFORNIA PROSPECTORS: Sluice Fox kits are designed by prospectors who learned to pan in historic Keyesville, in California's Kern River gold country, and assembled in our own warehouses near the Sierra and Appalachian mountains. A gift that gets a family outdoors, from a brand that has been in the creek, not just a catalog.
Is it the world’s largest gold discovery?
The Xinhua report does not provide a global ranking or a method for comparing this estimate with other discoveries. It is reasonable to describe the reported estimate as exceptionally large, but the available announcement does not establish that Wangu is definitively the world’s largest gold deposit. A later Indian Defence Review explainer uses superlative language, but that wording is not accompanied by a documented global comparison in the material reviewed.
Quick Recap
Best Value
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