Bid for bullion deposit

Zijin Mining Group Co, China National Gold Group Corp and two competitors are bidding to develop the country's largest bullion deposit as the price soars, the China Gold Association said.

Western Mining Co and Shandong Gold Mining Co are also in the race to develop the 308 metric ton deposit in the western province of Gansu, said Hou Huimin, vice-chairman of the association.

China's demand for gold jumped 23 percent in 2007, as rising incomes spurred jewelry buying, making the nation the second largest consumer. Bullion soared to a record in March, increasing competition for mines in China.