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A premium of over 275 times, a transaction price of 2.5 billion yuan: the subsidiary of state-owned China National Gold Group beat Sichuan Gold to secure the exploration right for the Tugeman-Su gold-copper mine in Xinjiang.

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ME AI News: Sichuan Gold announced that its subsidiary participated in the auction for the exploration rights of the Tugeman Su gold-copper mine in Akto County, Xinjiang, but ultimately did not win. The announcement was only a few lines long, but behind it was a fierce bidding war over the gold mine. The mine’s listed starting price was only 9.07 million yuan, yet the final transaction price exceeded 25 billion yuan, with a premium rate of more than 275 times. The winner was Zhongjin (Hetian) Mineral Development Co., Ltd., a controlling subsidiary of China National Gold Group Co., Ltd. (hereinafter referred to as CNG), which is a state-owned enterprise. CNG is the controlling shareholder of Zhongjin Gold (SH600489, share price 18.05 yuan, market value 87.5 billion yuan), a listed company with a market value exceeding 10 billion yuan. (Source: Wall Street Insights)
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