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NEW DELHI, Dec 15 (Reuters) – India plans To ask bids to extract gold from 50 million tonnes of processed ore in a cluster of colonial-period mines Inside the southern state of Karnataka, a senior authorities official with direct intypeation of the matter said on Thursday.

The Kolar fields, located about 65 kilometres (40 miles) northeast of India’s know-how hub of Bengaluru, are Amongst The numerous nation’s oldest gold mines.

The Kolar mines, closed Greater than 20 yrs in the past, held gold deposits worth round $2.1 billion, and India is now eager To revenue from new know-how Which will extract gold from even the leftovers of ore that was processed Prior to now.

Aside from gold, The fedperiodl authorities additionally goals to extract palladium from the processed ore, or dumps, said the official who Did not Want to be named Based mostly on official guidelines.

“We’re wanting On The biggest Method to monetise these gold reserves trapped Inside the processed ore,” the official said.

He said The fedperiodl authorities expects To ask bids Inside The subsequent 4 To six months.

“Our solely constraint is that solely overseas corporations have the know-how and expertise of taking out gold from processed ore, however overseas corporations can On A daily basis tie up with native corporations And even type a consortium,” said the official Who’s immediately involved in choice-making.

The fedperiodl mines ministry Did not immediately reply to a Reuters e-mail looking for suggestions.

India is the world’s largest gold shopper after China and meets most of its demand by way of imports.

In July, India raised the obligation on gold imports to 12.5% from 7.5% to dampen demand in an Try And convey down the commerce deficit and ease strain on the Indian rupee.

India’s demand for gold rose 14% from a yr in the past to 191.7 tonnes Inside the quarter by way of September, in accordance to the World Gold Council.

Reporting by Neha Arora and Mayank Bhardwaj
Modifying by Mark Potter

Our Requirements: The Thomson Reuters Notion Rules.

Source: https://news.google.com/__i/rss/rd/articles/CBMicmh0dHBzOi8vd3d3LnJldXRlcnMuY29tL21hcmtldHMvY29tbW9kaXRpZXMvaW5kaWEtaW52aXRlLWJpZHMtZXh0cmFjdGluZy1nb2xkLWR1bXBzLWNvbG9uaWFsLWVyYS1taW5lcy0yMDIyLTEyLTE1L9IBAA?oc=5

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