Supergiant Gold Deposit Found in China and World’s Largest Iron Ore Deposit Found in Australia: High-Grading Mineral Resources with New Discoveries

     Two new massive mineral finds have been announced in the past days. In China, it is a gold deposit and in Australia, it is an iron deposit.

 

Gold Deposit in Hunan Province Below Wangu Gold Field

     The gold deposit was found in deeper rocks below an existing gold mine. Estimates are that there could be 1,100 tons as deep as 9,800 feet below the surface. The gold is expected to be high-quality. The new find is below the Wangu gold field in Hunan province. The find is considered to be a contributing factor to recently rising gold prices.

     China is the world’s largest gold producer, responsible for 10% of global supply. According to Reuters China “consumed 741.732 metric tons of gold in the first three quarters of this year while output was 268.068 tons, meaning it has to rely on imports to meet domestic demand.” Since China doesn’t currently meet its own demand, this should help them since China is also the world’s largest gold importer. It seems to me it should keep gold prices lower in the long run if or as global supply is increased. Reuters also noted:

“Hunan Academy of Geology found more than 40 gold ore veins at a depth of more than 2,000 meters in Pingjiang county, with a total of 300.2 tons of gold resources discovered in the core exploration area and a highest grade of 138 grams per metric ton, Xinhua said.”

“The group forecast that there were more than 1,000 tons of gold reserves at a depth of over 3,000 meters, according to Xinhua.”

“Gold reserves generally refer to the economically extractable part of a resource.”

     The ultimate worth of the reserves is expected to be $82.9 billion. 138 grams of gold per metric ton of ore is a very high-quality gold concentration. If the estimates are correct, it could become the largest gold mine in the world, beating out a gold mine in South Africa.

 

 

Largest Iron Deposit Ever Documented, Found in Hamersley Province of Western Australia

     This iron deposit of an estimated 55 billion tons of ore is estimated to be valued at $5.9 billion but it may be magnitudes more than that (notice that the gold deposit in China is estimated to be 14 more valuable than this iron deposit, however, I do not know the estimated costs to produce these resources). However, according to Earth.com:

“Based on recent average iron ore prices of approximately $105 per metric ton, the deposit’s total value could reach $5.775 trillion USD. This staggering figure far surpasses the $5.9 billion initially reported and highlights the significant economic implications of the find.”

 

According to Daily Galaxy:

“The discovery challenges existing theories on how iron ore deposits are formed and how they evolved over billions of years. Until now, it was believed that iron ore deposits in the Hamersley region were much older — thought to be around 2.2 billion years old. However, researchers have now concluded that these deposits are significantly younger, at about 1.4 billion years old, indicating a much more dynamic history of iron ore formation.”

“The transformation of the iron ore, from its original concentration of 30% iron to its current 60% iron content, has puzzled scientists for decades. As Associate Professor Martin Danisík from Curtin University explains, “The exact timeline of the change of these formations from 30% iron as they were originally, to more than 60% iron as they are today, was not clear.”

     A new model for the discovery is being developed that links it to supercontinent cycles which refer to the earth’s continents coalescing together in ‘Pangea’ events, then drifting back apart. Supercontinent cycles are well documented in geological literature.

“As Earth’s continents drifted and collided over billions of years, they influenced the distribution of minerals like iron ore. This discovery suggests that the formation of massive iron deposits may have been closely tied to the movement of supercontinents, with each cycle bringing about conditions that were ideal for iron ore formation. By studying the exact processes that occurred during these ancient supercontinent cycles, scientists can now better predict how such deposits might form in other parts of the world.”

     The new find may lead to other new finds, especially in the local area. Australia already dominates in iron ore production and this is likely to increase that domination.   

 

    

 

 

References:

 

Geologists Might Have Stumbled Upon the Largest Gold Mine in the World. Tim Newcomb. Popular Mechanics. December 4, 2024. Geologists Might Have Stumbled Upon the Largest Gold Mine in the World

World’s Largest Iron Ore Deposit Found in Australia, Estimated at 55 Billion Tons. Lydia Amazouz. Daily Galaxy. December 14, 2024. World’s Largest Iron Ore Deposit Found in Australia, Estimated at 55 Billion Tons

Gold Prices Rise After $82 Billion Discovery In China—New Record High Ahead? Giuseppe Ciccomascolo. Edited by Samantha Dunn. CCN. November 22, 2024. Gold Prices Rise After $82 Billion Discovery In China

China finds $83 billion worth of gold reserves in Hunan. Reuters. November 21, 2024. China finds $83 billion worth of gold reserves in Hunan | Reuters

Geologists found the world's largest iron ore deposit. Jordan Joseph. Earth.com. December 13, 2024. Geologists found the world's largest iron ore deposit - Earth.com