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BIZCHINA / Center
Overseas firms can bid in the largest gold mine
By Sun Xiaohua (China Daily)
Updated: 2007-07-18 08:41
Domestic, as well as overseas, companies can bid for the exploration
rights of China's largest potential gold mine.
The gold deposit in Yangshan, Gansu Province, has at least 160 tons in
proven reserve, Xiong Bilin, deputy director of National Development and
Reform Commission's industry department, said yesterday.
The company with the latest and best technology that can ensure minimum
wastage of the precious metal is likely to win the bid.
Without giving a specific date for the floating of tenders, Xiong said:
"Any company from home and abroad, as long as it has the mining
technology and is able to work out a detailed mining plan without harming
the environment, can take part in the bid."
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The gold deposit could be more than 200 tons, said a People's Daily
report earlier, and is in a convenient area with a national highway
passing near it.
The NDRC website says gold deposits, with 50 or more tons of reserves,
have also been discovered in Zhaishang in Gansu and Damoqujia and
Jinchang in Shandong and Heilongjiang provinces.
China produces 224 tons of gold a year, but last year it consumed more
than 400 tons. The top three gold producing provinces are Shandong,
accounting for 27 percent of the country's total, Henan (14 percent) and
Fujian (8 percent).
In the first six months of this year, China produced 122 tons of gold, up
15 percent year-on-year, NDRC said. Also, the gold industry's gross value
of products of about 32 billion yuan ($4.2 billion) - up 44 percent -
made a profit of 3.5 billion yuan ($460 million).
In the first six months, the average global gold price reached $656 an
ounce, breaking the 1980 record of $614 an ounce.
(For more biz stories, please visit Industry Updates)
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