India planning to invite bid to extract gold worth $2.1 billion from mines in Karnataka

The Kolar fields are among the country's oldest gold mines. These mines are located about 65 kilometres (40 miles) northeast of India's technology hub of Bengaluru.

FPJ Web DeskUpdated: Thursday, December 15, 2022, 06:16 PM IST
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India planning to invite bid to extract gold worth $2.1 billion from mines in Karnataka | Representational Image

India is planning to invite bids to extract gold from a cluster of colonial-era mines in Karnataka. The Kolar mines, that closed over 20 years ago, holds gold deposits worth around $2.1 billion.

As per a Reuters report, the bids will be invited to extract gold from 50 million tonnes of processed ore, a senior government official with direct knowledge of the matter disclosed on Thursday. India is keen to take advantage of new technology that can extract gold from the leftovers of ore that was processed in the past.

The Kolar fields are among the country's oldest gold mines. These mines are located about 65 kilometres (40 miles) northeast of India's technology hub of Bengaluru.

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