Hungary's new gold rush: Untapped treasures in Börzsöny
In the Börzsöny Mountains in the northern part of Hungary, some of the largest deposits of gold and silver in the world are reported to be located. A mining company has just been registered, and the process of obtaining permits is already underway, according to the website divany.hu.
This could signal the return of a gold rush to Hungary. The website divany.hu reminds us that between the 13th and 16th centuries, 80 per cent of European precious metal extraction came from what is now Hungary. Over a tonne of gold and 10 tonnes of silver were extracted yearly, securing a third-place ranking globally.
The article suggests that in the coming decades, Hungary could reemerge as a significant player in precious metal extraction, as there are gold and silver reserves beneath Börzsöny that have long been considered only a distant possibility.
What is the value of the gold and silver deposit in Hungary?
According to estimates, 9,000 tonnes of gold and an equal amount of silver lie in Hungary's third-largest mountain range. Their total market value could reach 720 billion euros.
A company responsible for the project has already been registered, namely the Börzsöny Aranybánya Concession Mining Company. It is seeking to obtain the necessary permits.
The company aims to extract 1,000 tonnes of gold and 1,000 tonnes of silver over the next 12 years. According to the plans, the first gold and silver bars could leave the new refinery in 6 to 7 years, where they will be turned into final products of 999.9 carat purity.
