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Time of India

Gold mining stalled as Oz co drags govt to int'l court

Jaipur: Despite a successful auction and award, gold mining in Bhukia-Jagpura village in Banswara district remains stalled, with the Australian firm that conducted the initial survey dragging the dispute to an international arbitration tribunal. Last year, Rajasthan became the fourth the state—after Karnataka, Andhra Pradesh, and Jharkhand—to be identified as gold-yielding, with a mining licence granted to a Madhya Pradesh-based firm. However, despite the auction of the blocks, mining activities were temporarily suspended. A senior official said, "The state govt received relief from the high court. However, the Australian metal mining company, which conducted the initial gold mining survey, took the matter to an international arbitration tribunal. The company is claiming mining rights in the area despite the auction. Since these matters are time-taking, we await further proceedings from the tribunal. Directions were issued to suspend operations." According to officials, the Ratlam-based firm secured the gold mine in June last year through an auction, offering the highest premium of 65.30%. The mine is estimated to hold about 113.52 million tonnes of gold ore. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Serbia (Prices May Surprise You) Container House | Search Ads Search Now Undo The auction process moved forward after prolonged legal challenges were resolved. "When the state govt did not allocate the project to the Australian metal mining company, it went to the high court in 2012. Last year, in 2023, the HC ruled in favour of the state govt," the official added. The mine is seen as a significant asset for the state's economic growth, with revenue projections of over Rs 1 lakh crore over the next five decades. Besides gold, the region is also believed to contain more than 1.74 lakh tonnes of copper, around 9,700 tonnes of nickel, and over 13,500 tonnes of cobalt. "Once operations begin, it will create employment opportunities for around 50,000 youths, both directly and indirectly, and attract industrial investments. The co-minerals obtained from the mine will also create significant opportunities for revenue and employment in industries like aerospace, electronics, and jewellery," the official stated.