India is the land of gold. You walk into a wedding and look at oodles of gold ornaments adorned by women, or the amount of gold imported by the country on a yearly basis, you know we love gold. And now we have ‘gold’ news for you as the Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining have found two gold mines having 3350-tonne gold ore in Sonbhadra, the Naxalite affected area. The gold deposits discovered are 5 times that of current gold reserves in India which is around 626 tonne. KK Rai Mining Officer stated to the ANI news agency that the government has been thinking of putting these deposits on lease for mining for which a survey is being done. two places have been found as of now they are Sonpahadi which has estimated 2700 tonnes of gold deposits and Hardi field hs 650 tonnes.
What’s In It?
A seven-member team has been formed by the state mining department that visited Sonbhadra. The goldmine area will be mapped by the team and will be conducting geotagging. As per officials, the mineral-rich mines of Sonbhadra are fairly easy to dig thanks to their geographical position. But the mines are located on a hill lock which makes them easy to mine. The auction process will be commenced by the government once the compensation payout and necessary approvals are granted.
Officials are also finding out the possibility of exploring rare minerals like uranium in the area apart from gold. Vindhyan and Bundelkhand district of Uttar Pradesh are rich in minerals like diamond, gold, platinum, granite, limestone, quartz, China clay and phosphate. The exploration of these new gold mines will also pose to be a big boost to the state’s economy apart from providing employment opportunities to both skilled and unskilled labour. This will also lead to development of the backward district of Uttar Pradesh. Did you know India’s First War Memorial For Animals Who Died In The Line Of Fire To Come Up In Meerut?
According to the World Gold Council which is an independent agency that tracks gold trade globally at a wholesale level, India has 626 tonnes of gold holdings which 6.6% of the share held in gold in total foreign reserves. The USA has the largest holding of the yellow metal with 8,133.5 tonnes, followed by Germany with 3,366 tonnes and the International Monetary Fund (IMF) with 2814 tonne. Countries like Italy, France, Russia, China, Switzerland and Japan have more gold reserves than India. But with this great news of Uttar Pradesh discovering the two 3350 tonne gold mines, you know we are on the road to having the Midas touch!