Guntur

Profitable Gold mines found in AP State

Profitable Gold mines found in AP State
VIJAYAWADA, AUGUST 25, 2018
The state government gave top priority to mineral exploration and after an extensive study it was found that gold blocks at Chigargunta and Bisanathan villages of Chittoor district have viable gold mines if we use the latest technology. The concerned Minster revealed that the estimated gold that can be produced is 9.433 tonnes.
The government auctioned these gold blocks and the NMDC gave very profitable offer. The gold value is Rs. 2,477 crore. The NMDC has offered to pay 38.25% of the total value to the government.
Government never expected that there would be so much money in it and it is likely get revenue of Rs .947 crores from these gold mines.
It is learnt that Mineral Exploration Research and Innovation Trust worked on this project and the NMDC shall plan production of gold and this activity likely to spread over 10 to 15 years.
With the success of this project the government is planning to revive studies on defunct gold blocks in Anantapur district find whether these also can be made viable with use of modern technology.
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