MINING REFINING

Raj achieves historic milestone in gold mining with successful auction

Mon June 24 2024

Rajasthan has achieved a historic milestone by conducting its first successful online auction of the Bhukhiya-Jagpura gold block in Banswara. The Ratlam-based firm, Syed Owais Ali, emerged victorious with a bid of 65.30 percent of the reserve price, beating competition from other renowned companies. The process for the ‘Letter of Intent’ (LOI) will begin soon, with expectations of gold production starting within a year.

This achievement positions Rajasthan alongside Karnataka, Andhra Pradesh, and Jharkhand as a state engaged in gold production.

It underscores effective leadership by the Chief Minister, Bhajan Lal Sharma in major mineral license auctions, with projected mining revenues expected to increase significantly by up to 50 percent in the next financial year.

Rajasthan, known for its dominance in limestone mining, aims to leverage its gold reserves to boost the economy and create employment opportunities.

Source: https://firstindia.co.in/