Zhaojin Mining Industry, the mainland's second-largest gold miner in terms of reserves, will bid for the Yangshan Gold Mine in the northwest Gansu province when the government opens it for bidding in the second half, according to chairman Lu Dongshang.
'The bidding for the mining rights of Yangshan mine will be a good opportunity for us to expand outside our home base of Shandong and boost our gold reserves,' Mr Lu said in an interview.
Yangshan mine, the mainland's biggest gold mine, located at the 'golden triangle' in Sichuan, Gansu and Shaanxi provinces and first discovered by the People's Armed Police Force's gold exploration and production division in 2004, has confirmed total gold reserves of 258 tonnes.
As of June last year, Zhaojin had 130.5 tonnes of gold reserves in its five operating mines in Zhaoyuan district in Shandong.
Mr Lu said details of the bidding or valuation for the Yangshan mining right has not been worked out yet, although many bidders are expected.
Zhaojin, which has 31 exploration licences in the Zhaoyuan district, is in talks to buy or explore mines in the northeast, southwest and northwest regions to expand its production.