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.

China is claiming to have unearthed the largest gold deposit in the world — estimated to be worth more than $80 billion. More than 1,000 tons of gold reserves and ore veins were allegedly discovered by geologists from the Hunan Provincial Geological Institute some 12 miles beneath the surface in China’s Pingjiang County,