Vedanta Ltd Wins First Ever Auction of An Indian Gold Mine

Indian firm Vedanta Limited, a global diversified natural resource company, won the nation’s first-ever gold mining lease auctioned by the Chhattisgarh government.

The gold mine at Baghmara in Baloda Bazaar district, about 140 km north-east of Raipur, is one of the oldest explored deposit of the precious metal in Central India.

every year India imports about 1,000 tonnes of gold  and the precious metal is the second-highest component of the imports bill after crude oil in 2015 central government launched a gold monetisation scheme aimed at reducing physical gold demand and luring tonnes of gold from households into the banking system. An estimated 20,000 tonnes of gold are lying with households and temples in India.

 Extra info:
– Auction is expected to yield Rs 82 Cr. to the state exchequer in addition to the royalty of Rs 25 Cr.
– Chief minister Chhattisgarh Raman Singh who is also in charge of the mining portfolio.

So lets do.
1- Who get the first-ever gold mining lease auctioned by the Chhattisgarh government?
2- Gold mining come under which ministry ?
                                                                                             Source – Hindustan times


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