Chinese officials have announced the discovery of a massive deposit of high-quality gold ore, potentially worth around $83 billion, which could end up being the largest known deposit of the precious metal anywhere in the world.

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.

China has discovered gold deposits in Hunan province, estimated to be worth nearly £66 billion, the province's geological office announced. According to preliminary estimates, the newly discovered reserves contain over a thousand tonnes of the precious metal.