Sensational discovery: Gold fever could break out in Hungary

Up to HUF 50,000 billion worth of precious metals could be hidden in the Börzsöny mountains in northern Hungary. The combined value of the precious metals is enough to pay off the entire current Hungarian national debt.

According to a Swiss georadar survey involving seven satellites published last year, the mountain’s belly holds HUF 50,000 billion (EUR 122 billion) worth of precious metals. So far, the estimate was HUF 13,000 billion of gold and silver. The satellites scanned an area of 70 square kilometres. This has the potential to offer staggering economic opportunities.

The Oeconomus Economic Research Foundation has compiled some shocking figures on the gold of the Börzsöny Mountains, based on data from the Hun-Mining Research, Development and Innovation Ltd. There are approximately 1000 tonnes of gold and silver in the mountain.

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What is more,

the combined value of the precious metals is such that it could pay off the entire current Hungarian national debt.

However, before any mining can begin, the state has to issue a concession. Several large mining companies are already interested, Origo reports. The Hungarian Mining and Geological Survey is examining the conditions and circumstances under which a concession mining licence can be issued. However, it is important in the granting of concessions that the nature conservation landscape is not endangered by mining activities.

In any case, the prospect of gold in the Börzsöny could be tempting in the future. However, it could take up to two or three years before the relevant permits are issued.

Hungary’s gold history

Gold sites have been known in Hungary since ancient times. Later, in the second half of the 13th century, Hungarian gold production accounted for five-sixths of European production. Historians believe it was two-sixths of world production at the time. The then Kingdom of Hungary was therefore a leading gold-producing country.

The most important gold-producing areas were typically Körmöcbánya, the mountains around Nagybánya and the western part of the Carpathians. Silver production was also significant, accounting for a quarter of global production at the time.

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Source: Origo.hu