The first-ever auction of a gold mine in the country was today held in Chhattisgarh.
Vedanta Ltd won the auction for Baghmara (Sonakhan) gold mine with its highest bid of 12.55 per cent of IBM (Indian Bureau of Mining) price of Rupees 74,712/ troy ounce (1 troy ounce = 31.10 gram), official sources said.
The production from the Baghmara mine can reduce the gold imports into the country, the state mines department officials said.
This was the first time a composite license for gold mining was given in the country, officials added.
The mine is situated in Balodabazaar-Bhatapara district of Chhattisgarh, 130 km north-east of the state capital Raipur.
