State plans to auction gold mines
Sat Sep 30 2023
Despite the discovery of gold reserves in Bhukia-Jagpura area of Banswara, the state government was not able to auction the mines due to a pending case in court. Since the court has ruled in favour of the state, the mines can be auctioned now.
ACS mines Veenu Gupta said that necessary formalities are put in place for the
auction of gold mine in Bhukia-Jagpura of Banswara. She said that deposits of
gold, copper, cobalt, and nickel have been found.
Gold reserves could be worth Rs 10,000 crore and copper Rs 7,720 crore, she
said.
During the exploration conducted by the Geological Survey of India in 1990-91
in Bhukia-Jagpura, three blocks of 69.658 sq km were reserved for exploration
when indications of gold were found. As per the exploration results, gold
reserves of about 114.76 million tonnes with content of 1.945 gram a tonne have
been found in 14 blocks.
As the festive season approaches, gold buying is expected to increase. There are various options to invest in gold, such as jewelry, coins, bars, and digital options like gold ETFs, gold mutual funds, and sovereign gold bonds. Choosing between these options depends on personal preferences and goals. While jewelry is good for flaunting, bars and coins are better for physical gold investment. Digital options like SGBs and gold ETFs offer better returns. However, it is important to consider any management fees that may apply. Overall, there is a growing trend towards digital gold investment.
India is planning to auction its lithium reserves in Jammu and Kashmir in the coming weeks, as it seeks to secure a critical raw material for electric vehicle battery production. The country has identified its first lithium deposits earlier this year, totaling an estimated 5.9 million tonnes. Overseas mining companies have expressed interest in the auction. Additionally, India's state-owned joint venture, KABIL, is in the final stages of securing lithium blocks in Argentina and is in early discussions with the Chilean government for potential acquisitions. The Geological Survey of India is also conducting further exploration activities in Jammu and Kashmir to identify more lithium reserves.
The air intelligence unit at Cochin International Airport in Kochi seized approximately one kg of gold worth Rs 45 lakh from a passenger arriving from Bahrain. The gold was hidden in capsules found in the passenger's rectum. This is one of several recent incidents where gold has been seized at the airport, with smugglers using various methods to conceal the contraband. Investigations are underway to determine the origin and destination of the gold.
Source: https://timesofindia.indiatimes.com/