3,900 tons of gold blasted from the seabed! Has China really grasped the lifeline of the global gold market this time?
Notes on deep-sea treasure hunting by a female analyst
1. How 'outrageous' is this mine?
Upon seeing the news of 3,900 tons of gold being dug up from the seabed of Laizhou Bay, my first reaction was: this is enough to keep global gold miners awake for three years!
Magnitude crush: the gold reserves of Laizhou city directly account for 26% of the national total, which is equivalent to completely emptying Germany's central bank gold reserves (about 2,400 tons) and still having plenty left over.
Grade kills: the ore grade reaches 4.2 grams/ton, higher than the legendary South African Rand gold mine (3.5 grams/ton), while the global average grade has fallen to 1.5 grams/ton. With the same mining costs, profits double; this is no longer a mine? It's essentially a money printer!
1. How 'outrageous' is this mine?
Upon seeing the news of 3,900 tons of gold being dug up from the seabed of Laizhou Bay, my first reaction was: this is enough to keep global gold miners awake for three years!
Magnitude crush: the gold reserves of Laizhou city directly account for 26% of the national total, which is equivalent to completely emptying Germany's central bank gold reserves (about 2,400 tons) and still having plenty left over.
Grade kills: the ore grade reaches 4.2 grams/ton, higher than the legendary South African Rand gold mine (3.5 grams/ton), while the global average grade has fallen to 1.5 grams/ton. With the same mining costs, profits double; this is no longer a mine? It's essentially a money printer!
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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