China National Gold Group will inject its Yangshan mine into its listed unit Zhongjin Gold (SHA 600489) when the time is ripe, the official China Securities Journal reported, quoting general manager Sun Zhaoxue.

    Last month, China National Gold won the right to develop the Yangshan mine for 2.18 bln yuan.

    The mine in northwestern China's Gansu province was discovered in 2007. It has estimated proven gold reserves of 308 tons.

    Construction will start next year. Annual output is projected to reach 10 tons after two years, Sun said.

    China National Gold and Jinchuan Group will set up a 60-40 joint venture to jointly develop the mine.