The mining rights to southern area of Zhengningnan coal reserve,
the biggest coal base in northwest China's Gansu Province, are to go under the hammer on
June 18, sources with the provincial land transaction center said
on Friday.
The sale of the mining license is expected to set a new record
in the province with a reserve price of 750 million yuan (US$97.4
million).
The license being auctioned by the provincial land resources
department will remain valid for 30 years and is renewable
following required government procedures.
Bidders must be domestic companies with a registered capital of
more than 1.7 billion yuan (US$221 million) and be capable of
handling a yearly coal output of 10 million tons.
Located in Qingyang city and covering 159 square kilometers, the
mine has a verified reserve of 1.85 billion tons and the average
coal seam thickness is 13.94 meters.
(Xinhua News Agency May 12, 2007)