Hungary's hidden treasure: Massive gold reserves unearthed
In the Börzsöny Mountains, located in the northern part of Hungary, some of the world's largest gold and silver deposits are reported to be found. A mining company has just been registered, and the process of obtaining permits is already underway, according to the website divany.hu.
6:48 PM EDT, October 22, 2024
This development could signal the return of a gold rush to Hungary. The website divany.hu reminds us that between the 13th and 16th centuries, 80 percent of European precious metal extraction came from what is now Hungary. Over a ton of gold and 10 metric tons of silver were extracted each year during that time, securing a third-place ranking globally.
The report suggests that in the next few decades, Hungary could once again become a significant player in precious metal extraction, as substantial gold and silver reserves, previously thought to be merely aspirational, are located beneath Börzsöny.
What is the value of the gold and silver deposit in Hungary?
According to estimates, 9,000 metric tons of gold and equal silver are located in Hungary's third-largest mountain range. Their total market value could reach 720 billion euros.
The company responsible for the project, the Börzsöny Aranybánya Concession Mining Company, has already been registered and seeks to obtain the necessary permits.
The company aims to extract 1,000 tons of gold and 1,000 tons of silver over the next 12 years. According to the plans, the first gold and silver bars could leave the new refinery in 6-7 years, where they will be turned into final products of 999.9 percent purity.
