China to Auction Mining Rights to Gold Mine

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Last updated at: (Beijing Time) Monday, August 05, 2002

China to Auction Mining Rights to Gold Mine

The mining rights to a small gold mine in east China's Jiangxi Province will be put up for auction in Nanchang on Aug. 8.

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The mining rights to a small gold mine in east China's Jiangxi Province will be put up for auction in Nanchang on Aug. 8.

The auction for the Yingjiaciwu Gold Mine in Shangrao County will be the first of its kind on the Chinese mainland, according to a public notice by the Jiangxi Land and Resources Department.

The notice says that all corporations and commercial businesseswithin the territory of the People's Republic of China have the right to bid for the project.

Valuation experts put the mine's value at around 2.2 million yuan (about 265,060 US dollars).

Liu Maochun, a registered valuer specialising in mining, said that the pioneer auction would have a positive impact on the localmine market and provide a valuable experience for the country at large.

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