Madhya Pradesh: Ratlam-Based Firm Wins Auction For Bhukia-Jagpura Gold Mine

Ratlam (Madhya Pradesh): Ratlam-based Syed Owais Ali firm has won the auction for the Bhukia-Jagpura gold mine in Rajasthan's Banswara, with the highest premium of 65.30 per cent. The mine is estimated to have 113.52 million tonnes of gold ore and is expected to generate unprecedented job opportunities and revenue for the state.

According to Rajasthan's mines secretary Anandi, the state government will receive Rs 500 crore as revenue in three installments as upfront payment, with the first installment of Rs 100 crore to be received in 15 days. Over the next 50 years, the state government is expected to earn Rs 1 lakh crore in revenue from the mine.

The mine will also create employment opportunities for around 50,000 youth directly and indirectly in the state and will attract industrial investments worth crores. The co-minerals obtained from the mine, such as copper, cobalt, and nickel, will also generate huge opportunities for revenue and employment in industries like aerospace, electronics, and jewellery.

The state government has completed the process of auctioning the Bhukia-Jagpura mining block, and the licence has been allotted to the Ratlam-based firm. The Geological Survey of India has estimated that the mine has significant reserves of gold ore, and further exploration is expected to reveal more deposits.