Newcrest Mining Gold Production Surged in Q4 FY22

As per the announcement, the government plans to put on block 13 gold mines in the states of Andhra Pradesh and Uttar Pradesh.

SEATTLE (Scrap Monster): The government’s plan to put up multiple gold mines for auction will significantly boost the contribution of mining sector to the country’s gross domestic product (GDP).

As per the announcement, the government plans to put on block 13 gold mines in the states of Andhra Pradesh and Uttar Pradesh. Out of the ten blocks in Andhra Pradesh, the auction of five blocks is likely to take place on August 26, while the remaining five will be put on the block on August 29th. The notices inviting tender for these gold mines were floated in the month of March itself.

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Meantime, the auction of remaining three gold mines in Uttar Pradesh will take place during this month itself, though no specific dates have been declared. The notices inviting the tender of these three mines were floated during the third week of May 2021.

The auction of mineral blocks in the country has picked up during recent months. The various states across the country have auctioned a total of around 199 mineral blocks as of August 4. The recent amendment in the Mining Act in 2015 have kicked off increased allocation of mineral blocks through the auction route. It must be noted that only 45 mineral blocks were put up for auction during the entire previous financial year.





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