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Mining News February 24, 2020 02:30:04 PM

Gold Output Estimate from New Deposit See Drastic Cut

Paul Ploumis
ScrapMonster Author
Earlier, a mining officer had come up with claim of finding 3,350 tonnes of gold reserves in the region.

Gold Output Estimate from New Deposit See Drastic Cut

SEATTLE (Scrap Monster): The Geological Survey of India (GSI) has issued clarification on the newly discovered gold deposits in the state of Uttar Pradesh.

According to GSI, the total gold that could be extracted from the region in northern Uttar Pradesh’s Sonbhadra district could be only around 160 kilograms. M Sridhar, Director General, GSI stated that the mineralised zone having an average grade of 3.03 grams per tonne of gold is tentative in nature. It had carried out work in the region during 1998-99 and 1999-2000 and shared the report with the state unit. Further, he rejected the sensational claims as published by the media, citing vast resources of gold deposits in the area.

Earlier, a mining officer had come up with claim of finding 3,350 tonnes of gold reserves in the region. The media had given wide publicity for the news. The deposits in Son Pahadi were estimated at around 2,943.26 tonnes, whereas those in Hardi block were projected at around 646.16 kilogram.

India is the world’s second largest consumer of gold. The country depends on gold imports to meet much of its annual requirement of nearly 900 tonnes. In fact, gold is the second largest import item after crude oil. Many attempts to revive gold mining in the country have ended unsuccessful, mainly due to high mining costs and projections of low output.

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