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Six gold mines auctioned by four states in the last five years are expected to generate ₹2,035.44 crore in revenue for the respective governments.
The States of Andhra Pradesh, Chhattisgarh, Jharkhand, and Madhya Pradesh would get a share of their revenue for the lease period auctioned. Highly placed Union Ministry of Mines sources stated Andhra Pradesh has auctioned a mine which is expected to generate ₹1,058.05 crore revenue, while Chhattisgarh is likely to add ₹110.45 crore to its coffer for a mine, and Jharkhand with two mines would get ₹848.09 crore. The MP’s share is ₹18.84 crore from the lease of two mines for auction under the provisions of the Mines and Minerals (Development and Regulation) (MMDR) Act, 1957.
Of these, the Jonnagiri Gold Mine in AP is being done by Geomysore Services (India) Pvt Ltd, while M/S Manmohan Minerals Pvt Ltd. has the mining contract for Kunderkocha and Lawa blocks in Jharkhand.
Besides these, mining is happening at Hirabuddin Gold Mine, Wondlli Gold Mine, Mangalur Gold Mine, Hutti Gold Mine, Uti Gold Mine, Naundudoorg Gold Mine, and Uti Gold Mine in Karnataka. The Ministry of Mines has decided to revive gold mining at Kolar more than two decades after it was shut down due to the non-profitability of extraction. An internal study of the Mines Ministry has revealed that the gold and mineral reserve at two blocks and the tailing dump at Kolar mines together can fetch about ₹30,000 crore.
The government is looking to exhaust large-volume revenue-generating opportunities to contribute to the gross domestic product as it has plans to auction blocks in other states, including three in Uttar Pradesh.
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