Reviving the lost glory…..
Kolar gold mines to be revived after nearly 2 decades, but how feasible is mining?
The mining operations at Kolar Gold Fields were shut down in 2001 as the public sector mining company was incurring huge losses.………………….
Will new technology help optimise costs?
A senior official with MECL said that using laser mining technology, mining operations could once again begin and the Karnataka government would make profits close to Rs 1,100 crore as the technology would cut out many operational costs that existed in 2001.
Besides, the Karnataka government is planning on not just selling the gold exclusively to RBI, but fall in line with the operations at Hatti Gold Mines, where the gold is sold to buyers at market value.
“The gold prices are very good right now. A long-standing demand in KGF was to generate employment. Successive governments have not done this but reviving it will help this cause,” the senior official with the Mines and geology Department said.
Read more at:
https://www.thenewsminute.com/artic...r-nearly-2-decades-how-feasible-mining-139109
