India says discovers fields with over 3,000 tonnes of gold ore

[Swordsmyth]

India, the world's second-biggest gold consumer, has discovered gold fields with reserves of over 3,000 tonnes in its most populous northern state, a government official said on Saturday.India mines between 2 to 3 tonnes of gold annually, relying on expensive imports to fulfil nearly all of its demand, which averaged 843 tonnes per year over the past 10 years.
Its hunger for gold - used extensively in jewellery, as offerings to Gods and in lavish weddings - cost India more than $31 billion on imports last year, making the metal its second-biggest import item after crude oil.
Federal and state departments have discovered traces of gold in northern Uttar Pradesh's Sonbhadra district after surveying the area for more than 10 years, said Roshan Jacob, the head of the mining department in Uttar Pradesh state.
"In Son Pahadi we have found 2,940 tonne... in the Hardi Pahadi area 646 kilogram of ore has been traced," Jacob told Reuters, referring to the two areas where gold ore had been discovered.
The state is now seeking forest and environment clearances after which it will open up the reserves for bidding, Jacob said.

More at: https://news.yahoo.com/india-says-di...114427637.html

[TheTexan]

I'm not impressed. The US spends probably as much as that is worth in a day.

Now, if they had found a trillion dollar bills buried under the earth, then I'd be impressed.

[phill4paul]

Its hunger for gold - ...., as offerings to Gods

Let's take oyarde over and build him a shrine!

[phill4paul]

....

[Zippyjuan]

It should have read "tonnes of gold ore" not "tonnes of gold". The ore is not 100% gold. The yield is expected to be three grams of gold per tonne of ore. That drops the amount of gold down to 160 kg or 5,280 ounces.

https://www.altnews.in/how-indian-me...gold-reserves/

How Indian media fooled the nation about a massive discovery of gold reserves

The news of discovery of gold mines with 3,500 tonnes of gold reserve in Uttar Pradesh’s Sonbhadra district first broke on the Feb 20th in regional papers. By February 22nd, 2020, the entire Indian media was abuzz with the news that Sonbhadra gold mines had gold deposits estimated to be around 3,350 tonnes and worth Rs 12 lakh crore, which is almost five times India’s current gold reserve. The reports quoted a District Mining Officer and estimated that with this find, India’s current gold reserve of 626 tonnes, would jump to second place in the world behind US which holds 8,133.5 tonnes of gold. Even though the reports mentioned ‘gold deposits’, they equated it to actual gold mined and added the entire 3350 tonnes to India’s current gold reserve. Such exuberant reporting continued till later in the day when Geological Survey of India intervened and denied making any such discovery. In this article Alt News will trace how the Indian media fell for unverified news.

The coverage in Jagran news specified that it is a discovery of gold ore and it quoted Dr Rohtash, professor of Geology of BHU, who explained that the amount of gold that can be extracted from it depends on the grading of the deposit. However, this is not how it was interpreted by the time the news reached English media.

One of the earliest tweets on Feb 20th interpreting 3,350 tonnes of gold ore as 3,350 tonnes of actual gold mined was Mahesh Hegde, founder of the dubious website, Postcard News. Hegde linked the finding to India’s gold reserves implying that the entire 3,350 tonnes will be added to India’s gold reserves. This line of thinking was subsequently parroted by several mainstream media outlets.

However, it turned out that there was no such discovery of gold. “GSI has not estimated such kind of vast resource of gold deposits in Sonbhadra district”, GSI Director General (DG) M Sridhar told PTI.

Geological Survey of India issued a press release, clarifying that the exploration was carried out in field season 1998-99 and 1999-2000 and stating that “the mineralised zone having an average grade of 3.03 grams per tonne of gold is tentative in nature and the total gold which can be extracted from the total resource of 52,806.25 tonnes of ore is approximately 160 kg and not 3,350 tonnes as mentioned in the media.”

More at link.

[Pauls' Revere]

It should have read "tonnes of gold ore" not "tonnes of gold". The ore is not 100% gold. The yield is expected to be three grams of gold per tonne of ore. That drops the amount of gold down to 160 kg or 5,280 ounces.

https://www.altnews.in/how-indian-me...gold-reserves/





More at link.

3 Grams/tonne? is it even worth digging up?

[Zippyjuan]

3 Grams/tonne? is it even worth digging up?

Going off the top of my head, but I think most mines yield about an ounce (28 grams) per ton. Three grams is very small.

[Pauls' Revere]

Going off the top of my head, but I think most mines yield about an ounce (28 grams) per ton. Three grams is very small.

Also depends on mining methodology as well. Cheap human labor v/s multi million dollar machinery.

[oyarde]

Let's take oyarde over and build him a shrine!

LOL , yes .

[RonZeplin]

Those kind of valuable natural resources usually indicate an urgent need for Regime Change, to spread democracy & stuff.



Iranian Student Leader, Freedom Fighter

[Zippyjuan]

Trump is on his way to India this week.