You are here: Home » PTI Stories » National » News
Business Standard

Kolar Gold Mines revival rests on techno-economic feasibility

Mines Ministry exploring the possibility of reviving BGML, which owns the mines

Press Trust of India  |  New Delhi 

The exploration of leftover mined area of in to assess the remaining resources has begun and its revival will depend on techno-economic feasibility, was informed today.

Gold Mines Ltd (BGML) owns famous in


"The has initiated exploration of leftover mined area and tailing dumps of for assessment of remaining resources," Mines Minister Piyush Goyal said in a written reply to a question in the

The revival of will depend on techno-economic feasibility, the minister said.

The Mines Ministry said in its latest report that it is now exploring the possibility of reviving BGML in view of the preliminary estimates of Mineral Exploration Corporation Limited (MECL) on gold reserves in the Kolar gold fields.

BGML has been closed since March 1, 2001. The Cabinet had taken a decision in 2006 to dispose off the assets and liabilities of the company through an open tender, with First Right of Refusal in favour of cooperative society formed by the ex-employees of the company.

However, the Cabinet decision could not be implemented due to litigation. Finally in 2013, the Supreme Court allowed the to go ahead with the tender.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, March 20 2017. 16:42 IST
RECOMMENDED FOR YOU