Australian-Indian Consortium Bid to Revive Historic Kolar Gold Mine

Kolar Gold Mine

The ancient Kolar Gold mine, located about 100 km east of Bengaluru in Karnataka, is likely to be revived soon. An Australian-Indian consortium is bidding to acquire a mining lease for the now-defunct Kolar fields, which were once a source of wealth for the British Empire. Australian miner Citigold Corp and Indian conglomerate Essel Group are coming together to bring around gold mining in this area, as the Indian government has announced plans to auction at least three gold mines this year, the Kolar Gold mine being one of them. Citigold has been conducting field visits to the Kolar sites since 2006 and has agreed to partner with Essel to tender for the assets that belong to the state-run Bharat Gold Mines Ltd (BGML).

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