Bidders vie for $9bn gold mine
20 June 2008
A gold mine in northwest China with an estimated value of US$9 billion is the target of bids by four domestic gold miners, the Wall Street Journal reported. Hong Kong-listed Zijin Mining Group and Zhaojin Mining Industry, Shanghai-listed Shandong Gold-Mining Co and unlisted China National Gold Group were named as potential buyers for the Yangshan mine in Gansu province. No financial details were provided about the bids. The mine is estimated to have reserves of 308 metric tons of gold, worth US$9.5 billion at current gold prices. The result of the bidding process is expected to be announced in late June or early July.