India to Receive 25% of Gold as Rajasthan Completes Auction of Banswara Gold Mine
Tue June 25 2024
The process of extracting gold from the Banswara gold mine in Rajasthan is set to begin soon, following the completion of the auction process by the government. This mine is expected to supply 25% of India's gold in the future, earning Barmer in Rajasthan the nickname "Gold City."
Two blocks, Bhukia and Jagpura, have been allotted through the government's auction process. There was intense competition among several major companies for the gold mining license. The Syed Owais Ali firm from Ratlam, Madhya Pradesh, secured the license for these two blocks.
Meanwhile, five companies are vying for the composite license for the Kankaria Gara Gold block. These companies include Poddar Diamond Private Limited (Mumbai), Hirakund Natural Resources Limited (Ahmedabad), Owas Metal and Minerals Processing Limited (Ratlam), Hindustan Zinc (Udaipur), JK Cement Limited, (Kanpur).
In addition to gold, various other minerals will also be extracted from this mine, creating significant employment opportunities both directly and indirectly in the region. Initially, 113.2 million tonnes of gold reserves are expected to be found in the 940.26 hectares area, containing approximately 222.39 tonnes of gold ore.
Source: https://www.lokmattimes.com