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 India finds gold deposit 5 times larger than its, gov gold reserves (around $225 Billion)

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SUSling ling rox
post Feb 22 2020, 12:58 PM, updated 5y ago

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India finds gold deposit 5 times larger than its government gold reserves.

https://www.financialexpress.com/india-news...t/1875151/lite/

Yogi Adityanath strikes gold! 3,500-tonne goldmine found in Uttar Pradesh’s Sonbhadra district

As per estimates, there are two goldmines with around 3,500 tonnes of gold ore in the Naxal-affected Sonbhadra district of the state, almost five times the current gold reserves of the country

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Yogi Adityanath strikes gold! 3,500-tonne goldmine found in Uttar Pradesh's Sonbhadra district


In nothing short of a jackpot for the Uttar Pradesh government, geologists have discovered massive gold deposits in Sonbhadra district of eastern Uttar Pradesh. The discovery comes after two decades of search by the Geological Survey of India and the Uttar Pradesh Directorate of Geology and Mining. As per estimates, there are two goldmines with around 3,500 tonnes of gold ore in the Naxal-affected Sonbhadra district. This is around five times the current gold reserves of the country which stands at around 626 tonne.

According to District Mining Officer KK Rai, the government is thinking of putting these deposits on lease for mining. The GSI had first said in 2005 that there were gold deposits present in Sonbhadra. The claim that goldmines are present beneath the mountains in the Naxal-hit district of Uttar Pradesh were confirmed in 2012. As per officials, a seven-member team has been set up for survey and soon auction of the blocks will begin.

According to media reports, the goldmines are situated in Hardi village and Sonpahadi in Mahuli village of Dudhi Tehsil in the district. Rai said that while 2943.25 tonne gold deposits are located in Sonpahadi, around 650 tonnes are in Hardi.

He said that the gold blocks will be auctioned online after the completion of geo-tagging process by the team. The team has been asked to submit a report to the GSI’s Lucknow office by February 22.

Sonbhadra is one of 75 districts of Uttar Pradesh and also one of the backward districts in the country. It lies in the southern part of the state and shares borders with Bihar, Jharkhand, Madhya Pradesh and Chhattisgarh.

As per reports, officials are also exploring the possibility of rare minerals like uranium being present in the area. Following the discovery, the exploration of the goldmines and, possibly, other minerals as well, is set to provide a major impetus to the revenues of the country’s most populous state and also create jobs in the most backward districts of Uttar Pradesh.

mister 288
post Feb 22 2020, 12:59 PM

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brb selling off my gold investments now
damonlbs
post Feb 22 2020, 01:01 PM

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price crashing soon
SUSAllnGap
post Feb 22 2020, 01:09 PM

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Stirmling
post Feb 22 2020, 01:11 PM

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Murica be like: whats mine is mine, whats yours is mine.
SUSDezs
post Feb 22 2020, 01:12 PM

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Ok.. nao gold price can crash biggrin.gif
shirohamada
post Feb 22 2020, 01:13 PM

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Ini agenda yahoo die nak jatuhkan harga emas
manypplwan
post Feb 22 2020, 01:16 PM

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Time for an internal fight biggrin.gif


herrkolisch
post Feb 22 2020, 01:17 PM

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The ones digging will be a million impoverished people.

The ones profiting are a few dudes not doing anything about their 10000 daily rapes in the country.
SUSling ling rox
post Feb 22 2020, 02:56 PM

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QUOTE(damonlbs @ Feb 22 2020, 01:01 PM)
price crashing soon
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I wonder if this amount will affect the market?
myasiahobby
post Feb 22 2020, 03:01 PM

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US will come conquer
Matatai
post Feb 22 2020, 03:06 PM

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America: India need some independence.... Let's send our troops there to help them
balambgarden
post Feb 22 2020, 03:08 PM

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QUOTE(ling ling rox @ Feb 22 2020, 02:56 PM)
I wonder if this amount will affect the market?
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Only if they export it which is unlikely
Indians themselves are the top gold hoarders in the market
SUSling ling rox
post Feb 22 2020, 03:14 PM

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