Balvinder Kumar, the top civil servant at the federal mines ministry, said getting the Kolar mines going would help the government bring down its import bill. Initial Mineral Exploration Corp. estimates show reserves worth $1.17 billion in the mines, according to the briefing document. India imports 900 tonnes to 1,000 tonnes per year, but local gold output is minuscule, at 2 tonnes to 3 tonnes per year. Troubled minesThe Kolar fields, located about 65 km (40 miles) northeast of the technology hub of Bengaluru, are among the world’s deepest gold mines. If the reports show that mining is viable, the government would seek to restructure Bharat Gold to restart mining there more efficiently, the officials said.

Source: Mint January 26, 2017 03:19 UTC