Hungary strikes gold: New deposits may reshape economy
Potential gold and silver deposits have been discovered in the northern part of Hungary, within the Börzsöny Mountains, which could significantly change the country's economic landscape. Preliminary estimates suggest these mountains may contain up to 9,000 tons of gold and an equivalent amount of silver. The total value of these resources is estimated at approximately $756 billion.
5:42 PM EDT, October 24, 2024
Hungary has a rich history in precious metal extraction. From the 13th to the 16th century, the country was a key player in this industry.
During that period, Hungarian mines supplied over 80 percent of Europe's gold and silver demand. The annual production exceeded one ton of gold and ten tons of silver, ranking the country third in the world. The latest discoveries offer hope that Hungary might once more become a central hub for extracting these valuable resources.
The gigantic potential of the Börzsöny deposits
The discoveries in the Börzsöny Mountains have been confirmed by both the Hungarian Geological Service and the Szolnok Mining Department. It's estimated that the first gold and silver bars could be produced within the next decade.
According to divany.hu, gold processing will begin within the next 6-7 years. Over the subsequent 12 years, the company responsible for the project plans to extract 1,000 tons of gold and a similar amount of silver.
Preparations for exploitation
A special company has been established to manage the preparatory work—Börzsöny Aranybánya Concession Mining Company. This enterprise is formally registered and is securing all necessary permits to enable full-scale mining operations.
The company plans to hire between 380 to 400 people in its first year of operation. In the following years, the workforce will expand gradually, eventually reaching 1,500 employees. This project could become a crucial component of the resource economy while also providing new employment opportunities in the region.
What does the future hold?
In the coming years, Hungary could position itself among the most significant countries extracting precious metals again. The deposits discovered in Börzsöny offer hope for economic growth and the attraction of global investors. Although extraction will not begin for several years, Hungary is already preparing to revisit its mining roots, which have been an economic cornerstone for centuries.
The future will reveal how sustainably and beneficially these riches can be harnessed for the country's benefit. One thing is certain—the news about the massive gold and silver deposits in northern Hungary is generating interest both domestically and globally.
