Hungary's glittering future: Gold and silver rush reignites
In the Börzsöny Mountains in the northern part of Hungary, some of the world's largest deposits of gold and silver 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 development could signal the return of the 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 the region now known as Hungary. Over a metric tonne of gold and 10 metric tonnes of silver were extracted yearly, securing a third-place ranking globally.
The site reports that Hungary could potentially reestablish itself as a global player in precious metal extraction in the coming decades, as significant gold and silver reserves, once thought to be a mere dream, are located beneath Börzsöny.
What is the value of the gold and silver deposit in Hungary?
According to estimates, 9,000 metric tonnes of gold and an equal amount of silver lie in Hungary's third-largest mountain range. The 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 in the process of obtaining the necessary permits.
The company aims to extract 1,000 metric tonnes of gold and 1,000 metric tonnes of silver over the next 12 years. According to the plans, the first gold and silver bars could leave the new refinery in 6-7 years, achieving a final product purity of 99.99%.
