In the first three quarters of 2024 alone, China consumed 741 tons of gold but produced only 268 tons, creating a significant reliance on imports.
This discrepancy underscores the need for the country to develop domestic reserves like Wangu to reduce dependency on foreign sources.
The Wangu discovery also ties into China’s ambitious SinoProbe II project, a six-year initiative to create a comprehensive subterranean atlas of the country.
The project aims to uncover untapped mineral wealth and lessen China’s reliance on imports.
Comparison World’s Largest Gold Reserve
Previously, China’s largest gold mine is the Xiling gold mine in Shandong Province, which holds 580 tons of gold. However, this pales in comparison to the potential output of the Wangu gold field. If developed, Wangu could become one of the world’s most significant gold mining projects.
- South Deep- South Africa: 929 tons
- Grasberg– Indonesia: 856 tons
- Olimpiada– Russia: 737 tons
- Lihir- Papua New Guinea: 680 tons
- Norte Abierto– Chile: 657 tons
- Carlin Trend– Nevada 353 tons
- Boddington- Australia: 350 tons
- Mponeng– South Africa: 330 tons
- Pueblo Viejo– Dominican Republic: 309 tons
- Cortez– Nevada: 246 tons
The Road Ahead
While Chinese officials have yet to announce formal plans for mining operations at Wangu, the scale of the discovery indicates that it is only a matter of time before the site becomes a focal point of China’s mining industry.
