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Govt. pondering over New Gold Mining Policy
New proposals envisage auction route as well as foreign participation in bidding process
By: Diamond World News Service
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Nov 16 2015 3:58PM
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Reference: 12265  

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 In an effort to give boost to indigenous production of gold, the government is seriously thinking of bringing out a new Gold Mining Policy, which will have an auction route for the allocation of gold mines. As Balvinder Kumar, Mines Secretary, says, “We are ready with the proposal and will be taking it further with different states. We are already in consultation with the state of Karnataka.”  

 As of now, the mining land is with Bharat Gold Mines Limited, of which the lease period has expired. Moreover, as the country has a lot of potential gold reserves, the opening up of the sector can help explore the untapped gold reserves. This will help in reducing our dependence on gold imports. 

According to industry experts, if favourable policies are in place then over the next two decades, India could produce about 300 tonnes per annum, similar to what China produces at present. What goes in India’s favour is the fact that the gold exploration in the country is cheaper than rest of the world. For instance, the global cost of mining is about $950-1,000 an ounce, for underground mines. But, for instance, a particular mine at Ganajur in Karnataka, since this is an open pit mine, the cost of mining would be about $400-600 an ounce. That is a big difference and can help government to tide over the excessive demand of gold in our country.

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