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Thursday, 22nd February 2007 (2094 views)

An Australian mining exploration company has struck gold in a remote Indian village in the Rajasthan state, reports have claimed.

Brisbane-based Indo Gold has admitted it has uncovered "significant gold deposits" in the Jagpura mines of the Banswara district, which it claims are "world class".

India, currently the biggest importer of gold in the world with an annual intake of 470 tonnes, currently has few local gold mines with minimal yields.

But the new discovery will help boost local and national economies, trade, employment and communities to counter the negative effects felt from the closure of the Kolar gold fields in Karnataka.

Speaking to the Times of India, Indo Gold's managing director Mike Higgins announced: "Significant gold deposits have been discovered in the Jagpura mines… The deposits are world-class and we hope to start commercial production in four years."

The Jagpura mines are hoped to bring in an annual yield range of eight tonnes, helping to lower gold import bills and boost local communities.

 

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