China Gold Group's Subsidiary Wins Xinjiang Mining License with CNY 2.5B Bid, Over 275x Premium

According to an announcement, China Gold Group's subsidiary China Gold (Hetian) Mineral Development Limited (China Gold Hetian) secured the exploration rights to the Tugenmansu gold-copper mine in Akto County, Xinjiang, in a competitive auction. The mine was listed at an initial price of CNY 9.07 million but sold for CNY 2.5 billion, representing a 275-fold markup. Sichuan Gold, which also participated in the bidding, was not successful in securing the license.
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