India to invite bids to extract gold from dump in colonial-era mines – Times of India

New Delhi: India is planning to invite bids to extract gold from 50 million tonnes of processed ore Colonial Era Mines A senior government official with direct knowledge of the matter in the southern state of Karnataka said this on Thursday.
The Kolar fields, located about 65 kilometers (40 mi) northeast of India’s technology center of Bangalore, are among the oldest gold mines in the country.
The Kolar mines, which closed 20 years ago, contained gold deposits of about $2.1 billion, and India is now keen to take advantage of new technology that can extract gold from what is left of ore it has processed in the past.
Besides gold, the government also aims to extract palladium from processed ore, or dumps, said the official who did not want to be named in line with official regulations.
“We are considering how to tap these gold reserves trapped in the processed ore,” the official said.
He said the government is expected to invite bids in the next four to six months.
“Our only constraint is that only foreign companies have the technology and experience to extract gold from processed ore, but foreign companies can always tie up with local companies or even form a consortium,” said an official directly involved in the decision-making. Can make.” ,
The mines ministry did not immediately respond to an email from Reuters seeking comment.
India is the world’s largest consumer of gold after China and meets most of its demand through imports.
In July, India raised duties on gold imports from 7.5% to 12.5% ​​in a bid to reduce demand in an effort to narrow the trade deficit and ease pressure on the rupee.
According to the World Gold Council, gold demand in India rose 14% to 191.7 tonnes in the September quarter from a year ago.