http://www.hindustantimes.com/business/vedanta-bags-india-s-first-gold-mine-lease-in-chhattisgarh/story-igFJypoy4v7J7Rb5h5PTxN.html?utm_source=Livemint&utm_medium=Referral&utm_campaign=HT_Livemint
Vedanta quoted the highest bid of 12.55% of the Indian Bureau of Mines price of Rs 74,712 per troy ounce. One troy ounce — a unit denoting the value of the precious metal— is 31.10 gram.
Vedanta Limited, a global diversified natural resource company, won the nation’s first-ever gold mining lease auctioned by the Chhattisgarh government, officials said on Saturday.
The gold mine at Baghmara in Baloda Bazar district, about 140 km north-east of Raipur, is one of the oldest explored deposit of the precious metal in Central India.
India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil.
Last year, the Centre launched a gold monetisation scheme aimed at reducing physical gold demand and luring tonnes of gold from households into the banking system. An estimated 20,000 tonnes of gold are lying with households and temples in India.
Chhattisgarh officials said the auctioning process witnessed aggressive bidding and ended nearly 13 hours later on Friday night with more than 160 bids submitted.
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