The FIRST-ever gold mine auction in India was held on 27th Feb in Chhattisgarh.
The auction for Baghmara (Sonakhan) gold mine was won by Vedanta Ltd with its highest bid of 12.55% of IBM (Indian Bureau of Mining) price of Rs 74,712 per troy ounce. The mine is situated in Balodabazaar-Bhatapara district of Chhattisgarh, 130 km north-east of Raipur.
The officials of state mines department said, ‘the production from the Baghmara mine can reduce the gold imports. This was the first time a composite license for gold mining was granted in the country.
