Daily Metal Market News & Metal Prices
 
Daily Metal Prices & Market News
Friday 03rd of September 2010
Wednesday, July 11, 2007

India seeks overseas partners in developing gold reserves

India seeks overseas partners in developing gold reserves

The Government of India has expressed concerns about the size of the country’s bill for importing gold.

According to the minister of state for mines, T Subbarami, each year India imports approximately 800 tonnes of gold, worth Rs 55,000 crore.

Essentially, this is because the country’s own reserves are underdeveloped and in his statement, the minister acknowledges that explorations involve substantial sums in risk capital.

As a result the Indian Government is now actively encouraging mining companies to form joint ventures with overseas mining organisations.

In the longer term, Mr Subbarami is expecting the Indian mining community to contribute more to the country’s GDP, as the nation’s gold reserves are estimated to be worth Rs 6,00,000 crore. In addition, it has 475 million tonnes of diamonds.

The Federation of Indian Mineral Industries will take a crucial role in the proposed expansion of the mining sector, with internal investment of around Rs 5,00,000 crore expected in the next five years.

The minister also sees the expertise of the Geological Survey of India and the Indian Bureau of Mines as crucial in achieving his expectations.

The Indian government is currently working on a new mining policy that will reflect the importance it attributes to further development of the sector.

 

Add to Bookmarks:

ADD TO NETSCAPE     ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL


Related posts to: India seeks overseas partners in developing gold reserves

Indian state heads demand say in mining laws ...

GATA seeks to expose US gold reserves ...

Chinese miners continue Latin American shopping spree ...

India proposes gold import ban ...

OceanaGold seeks partners for troubled Philippine project ...

Latest Metals News:

Latest News  US pending home sales data helps copper prices

Latest News  Positive data chases gold prices lower

Latest News  Gold gains on search for safetey ahead of economic data

Latest News  Gold gains as US dollar weakens

Latest News  Gold prices fall on US jobs news

Latest News  US durable goods orders, new home sales drive metals price moves

Latest News  Gold gains, copper drops on US home sales data

Latest News  Copper prices fall on economic, demand concerns

Latest News  US unemployment numbers hurt copper prices

Latest News  Copper prices gain on more inventory declines


Previous: «
Next: »

Visited 3152 times, 1 so far today

Gold ($/troy ounce):

Silver ($/troy ounce):

Platinum ($/troy ounce):