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First-ever Goldmine Auction in India Held & Winner is… | The Times Business
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Home Asia First-ever Goldmine Auction in India Held & Winner is…

First-ever Goldmine Auction in India Held & Winner is…

KS Rao & Team

March 3, 2016

The FIRST-ever gold mine auction in India was held on 27^th 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.

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