World’s Remaining Gold Reserves: 50,000 Tons Left Underground
Did you know that nearly half of all the gold mined in the world comes from a single region? The Witwatersrand Basin, located near the city of Johannesburg in South Africa, has held the title of 'the heart of gold of the world' since its discovery in 1886. However, accessing this enormous treasure is far from easy, and it still holds reserves worth half a trillion dollars.
Let's delve into the details...
Witwatersrand is far from being a mere mining site; it's a colossal geological formation, composed of sedimentary layers that span 400 kilometers and date back a staggering 2.7 billion years.
Since 1886, nearly 2 billion ounces (approximately 55,000 tons) of gold have been extracted from this basin. This figure represents about 40 to 50 percent of all the gold mined on Earth throughout human history.
Although mining activities have been ongoing for more than a century, there's still a massive reserve waiting to be discovered in the depths of the basin. Estimates suggest that there's approximately 1.161 billion ounces (36,000 tons) of gold still lying beneath the ground. The current market value of this hidden treasure is calculated to be around half a trillion dollars.
The cost of accessing this colossal reserve, however, is quite steep.
The Witwatersrand Basin plays host to the world's deepest mines:
Depth: The mine shafts plunge as far as 3,900 to 4,000 meters beneath the surface.
Temperature: At these depths, rock temperatures can reach up to 60°C.
Risk: The threat of lethal rock falls and extreme pressure render mining one of the most dangerous occupations in the world.
Despite the challenging conditions and declining ore grades, the region still whets the appetite of global gold giants.
Major gold corporations like Harmony, Sibanye, Goldfields, and AngloGoldAshanti continue to employ specialized and labor-intensive methods to reach these deep-level deposits.
While Witwatersrand remains a critical source for the global gold supply, it's a matter of curiosity how much of the inaccessible 'half-trillion-dollar' reserve will be brought into the economy with the advancement of technology.
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