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Govt plans to revive colonial-era gold mines with $2 billion reserves

India is the world's second-largest importer of gold

Reuters  |  NEW DELHI 

Government is planning to revive a cluster of colonial-era gold mines - shut for 15 years but with an estimated $2.1 billion worth of deposits left - as the world's second-largest importer of the metal looks for ways to cut its trade deficit, officials said. State-run Mineral Exploration Corp Ltd has started exploring the reserves at Kolar Gold Fields, in the southern state of Karnataka, to get a better estimate of the deposits, according to three government officials and a briefing document prepared by the federal mines ministry that was seen by Reuters. The ministry has also ...

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First Published: Fri, January 27 2017. 08:04 IST