The auction for the Yingjiaciwu Gold Mine in Shangrao County will be the first of its kind on the Chinese mainland, according to a public notice by the Jiangxi Land and Resources Department.

The notice says that all corporations and commercial businesses within the territory of the People's Republic of China have the right to bid for the project.

Valuation experts put the mine's value at around 2.2 million yuan (about US$265,060).

Liu Maochun, a registered valuer specialising in mining, said that the pioneer auction would have a positive impact on the local mine market and provide a valuable experience for the country at large.

( People's Daily August 5, 2002)