India has 500 million tonnes of gold ore reserves: Govt

Source: Down To Earth

What is the News?

The Union Minister of Mines has informed Rajya Sabha about the Gold Ore Reserves present in India.

Gold Ore Reserves in India:

• According to National Mineral Inventory data, India has 501.83 million tonnes of gold ore reserves as of April 1, 2015.
• Out of these, 22 million tonnes were placed under reserves category and the rest under remaining resources category.
• The largest reserves of gold ores are located in Bihar (44%), followed by Rajasthan (25%), Karnataka (21%), West Bengal (3%), Andhra Pradesh (3%) and Jharkhand (2%).
• The remaining 2% reserves are in Chhattisgarh, Madhya Pradesh, Kerala, Maharashtra and Tamil Nadu.

Government Initiatives to Extract Minerals:

• The Geological Survey of India(GSI) is engaged in geological mapping followed by mineral exploration and surveys of various mineral commodities with an aim to identify potential mineral rich zones and establish resources.
• Moreover, the Government of India has amended the Minerals Evidence of Mineral Contents Rules to allow auction of composite licence at G4 level for deep-seated minerals including gold.
  • Mining leases are for areas with proven reserves of minerals. On the other hand, composite licences are for areas where preliminary exploration has been done by the government but further exploration is required by mining companies.
• This is expected to bring more participation from private players with advanced technology in the field of exploration and mining of deep seated minerals which is expected to reduce the cost of extraction of gold.