Indian government considers reviving colonial-era gold mines

In a move to curtail its trade deficit, the Indian government is looking to revive some colonial-era gold mines in the country, as per reports. These mines in consideration have been shut for 15 years and have an estimated $2.1 billion worth of deposits left.

Exploration of reserves has begun at Kolar Gold Fields in the Indian state of Karnataka, by state-run Mineral Exploration Corp Ltd. SBI Capital has been appointed to assess finances of the defunct state-run Bharat Gold Mines Ltd, which controls the mines. Reports by SBI Capital are expected to be furnished by month-end and that by Mineral Exploration Corp by July, as per reports.

The Kolar fields, stand as one of the world's deepest gold mines. Bharat Gold had to shit operations in 2001 owing to losses. Initial Mineral Exploration Corp estimates indicate reserves are worth $1.17 billion present in the mines, as per the briefing document and around $880.28 million worth of gold-bearing deposits is estimated to have been left in the form of residual dumps, as per reports.