India's Gold Mine Output Totaled Meagre 1.6 Tonnes in 2020

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced publication of India Gold Market Series which focuses on gold mining.

The report noted that the country has a long history of mining gold, but the production continues to be at significantly lower levels. For instance, the gold mine production totalled only 1.6 tonnes in 2020. There has been lack of investment in the sector, partly due to legacy processes.

The mining of gold in India dates back to the first millennium B.C. Throughout the 20^th century, it was dominated by the Kolar Gold Field, near Bangalore. After producing approximately 800 tonnes of gold in its 120-year history, the gold mine closed in 2001. Further to this, the gold mining activities were concentrated in Champion, Mysore and Nundydoorg mines within the East Kolar region. The Kolar operations were finally abandoned in 2001.

The government has introduced several regulatory changes, including amendments to Mines and Minerals Act and the newly proclaimed 2019 National Mineral Policy. Although the effects of these measures may take some time to realize, the successful implementation of the same will streamline the industry and stimulate growth.

The Council noted that there exists significant potential to kick start gold mining in the country.

YOU MAY ALSO BE INTERESTED IN:

WGC Report Presents Regional Insights into Gold Market Trends

WGC: Gold Prices Recorded Largest Monthly Surge Since May 2021