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India's government keeps getting more favorable toward gold as money
India to Invite Bids for Extracting Gold from Dumps at Colonial-Era Mines
By Neha Arora and Mayank Bhardwaj
Thursday, December 15, 2022
NEW DELHI -- India plans to invite bids to extract gold from 50 million tonnes of processed ore in a cluster of colonial-era mines in the southern state of Karnataka, a senior government official with direct knowledge of the matter said today.
The Kolar fields, located about 65 kilometres (40 miles) northeast of India's technology hub of Bengaluru, are among the country's oldest gold mines.
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The Kolar mines, closed more than 20 years ago, held gold deposits worth around $2.1 billion, and India is now keen to take advantage of new technology that can extract gold from even the leftovers of ore that was processed in the past.
Other than gold, the government also aims to extract palladium from the processed ore, or dumps, said the official, who did not wish to be named, in line with official rules.
"We are looking at how to monetise these gold reserves trapped in the processed ore," the official said. ...
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