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

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NEW DELHI: The 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 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 appointed investment bank SBI Capital to assess the finances of the defunct state-run Bharat Gold Mines Ltd, which controls the mines, and the dues the company owes to workers and the authorities, said the officials, who are involved in the process.

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