29th Feb 2016 09:22
LONDON (Alliance News) - Vedanta Resources PLC has won India's first-ever auction of a gold mine, as the nation opens up the mining sector to foreign companies, reported Reuters on Saturday.
Vedanta Ltd, a unit of Vendanta Resources, has been awarded the Baghmara gold mine in Chhattisgarh after outbidding three other bidders, Reena Kangale, the head of the state's Directorate of Geology and Mining told Reuters.
India's insatiable appetite for gold has already prompted the government to raise import duties and launch a scheme aimed at mobilising a pool of over 20,000 tonnes of the metal lying idle in homes and temples.
Still the government has failed to curb imports by the world's second-biggest consumer, where gold is regarded as the highest form of gift for gods and humans alike. The absence of local production has scuppered efforts further, said Reuters.
http://www.reuters.com/article/india-gold-mining-idUSKCN0W00EI
By Joshua Warner; [email protected]; @JoshAlliance
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