"RMB 1.46 billion ($214 million) sets a new record for a mining rights auction in Jiangxi Province," an official at the province's department of land and resources said in relation to the auction for the Anfu iron ore mine. The initial bidding price for the Anfu iron ore mine was RMB 110 million ($16.2 million), with a reserve price of RMB 180 million ($26.4 million); however, the final price reached RMB 1.46 billion, 8.1 times higher than the reserve price. The proven reserves of Anfu iron ore mine are around 10.555 million mt.
At present, Jiangxi Province is only eight percent self-sufficient in iron ore supplies, leading to relatively high prices of iron ore in the province.