Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

Officials say that a gold field deposit in Hunan province could yield over 1,000 tonnes of the precious metal.

In a remarkable feat for the mining industry, a team of geologists in central China has uncovered what is being hailed as the world’s largest gold deposit, valued at a staggering US$83 billion (approximately 600 billion yuan).

China is already a dominant player in the global gold market, boasting reserves in excess of 2,000 tons, according to latest estimates.