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Rediff.com  » Business » Kolar goldmines set to shine again

Kolar goldmines set to shine again

October 10, 2007 17:33 IST

Kolar is all set to glorify its name to new heights after the union government is in the final stages of inviting global tenders to revive operations of Bharat Gold Mines in Kolar Gold Fields in Karnataka.

KH Muniyappa, Union minister of state for road transport and highways said once the consultancy firm, appointed to fix the value of assets of the gold mining company, submits its report on the entire stretch of 80 kilometer radii of Kolar, the tenders will be floated. This, he said, is likely to happen in the next three months.

The emphasis in the new tender would be technology, according to Muniyappa, which he credited for countries like South Africa and Australia extracting minimal amount of gold of 0.5 grams per tonne

"Our fields have four to five grams of gold per tonne and modern technology can run the mines for another 100 years," he said

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