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“It’s been long since these mines have remained closed. Now, cut-off grades for gold is low and the dumps lying there may contain sizeable chunk of gold ore. This is a perfect case for reviving mining operations at BGML. However, if employees will have a say or it may be revived via state-run undertaking is a matter which needs to be seen,” said Dipesh Dipu, founder and partner at Jenissi Management Consultants, a Hyderabad-based energy and resources sector consulting firm. Former mines minister Narendra Singh Tomar had also asked state exploration agencies to re-evaluate the dumps as well as the mines of BGML in order to determine the correct value of these mines.
Government approves exploration projects in Kolar Gold Field; defunct Bharat Gold Mines may get a lifeline. In what may be a lifeline for Bharat Gold Mines Ltd (BGML), the government on Tuesday approved three gold exploration projects in the Kolar Gold Field (KGF) area of the defunct state run firm. Previously known as Kolar Gold Mines, BGML is a public sector unit under the ministry of mines which ran into heavy losses and was eventually closed down in March 2001. The mines ministry plans to expedite India’s gold exploration efforts with the state governments of Madhya Pradesh and Jharkhand putting up gold deposits for auction. India and China were the key countries dominating the global gold market in 2015, according to the World Gold Council, a lobby group. “The Standing Committee on Promotional Projects (SCPP) approved three gold blocks for exploration in the KGF area of BGML. These blocks are to be explored expeditiously to decide the fate of BGML,” said a senior government official on condition of anonymity. The exploration proposals cleared by the SCPP includes estimation of gold ore in BGML leasehold area which may be handed back to the closed company, said another government official, who also did not want to be named. “State-owned Mineral Exploration Corp. Ltd (MECL) will undertake exploration work up to G3, or prospecting, level. Efforts are on to revive the company rather than selling it to private parties,” said the second official, adding that the company still exists as per the Companies Act as its assets have not been liquidated. This comes at a time when the National Democratic Alliance government is also trying to revive three defunct urea units at Barauni, Sindri and Gorakhpur. India’s total demand for gold jewellery, bars and coins increased by 6% year-on-year to 233.2 tonne in the fourth quarter of calendar year 2015 (October-December), according to the World Gold Council’s demand trends for 2015. However, consumer demand for gold during the second quarter of this year (April-June 2016) fell by 18% to 131 tonne compared with 160 tonne in the year-ago period due to steep prices. Around 15,390 metre of drilling is required in 80 boreholes in an around the KGF area, which will entail an investment of Rs.18.76 crore. The largest gold reserve of BGML, KGF, lies in Kolar district of Karnataka. With the mining lease of KGF expiring in 2013, a renewal application has been filed. Queries emailed to the spokespersons of the mines ministry and MECL on 25 October remained unanswered. According to information available on the website of the mines ministry, even after 120 years of mining the value of the fields runs into a couple of thousand crore. Experts too believe that KGF has potential to be revived.
CP has delivered 2 out of 3 deals so far and I expect a fintech deal next Its his bag too
Whilst drilling and mine planning for the EFS continues at Jonnagiri, Geomysore commissioned Golder Associates Pty Limited ("Golders") to review the drilling programme and estimate the JORC compliant resource at Jonnagiri. Following completion of this review based on the data available as at 30 June 2016, Golders has estimated a JORC compliant resource (the "Resource") of 351,000 ounces (Indicated and Inferred) in aggregate at the East and West (formerly 'Temple Deep') blocks (234,000 ounces and 117,000 ounces respectively), a significant increase from the approximate 150,000 ounces identified at the East Block and announced on 30 March 2016.
Korg, No flippers as it was a tight placing I would call it a vault in the ground that holds value and hedge your bet that the gold can be realised any time especially when the bull run really starts Finding funding isn't an issue as already backed by LTH who are HWNI
The ramping dumpers !
Break 2p surely .....
its another "convincer" to pull twitter mugs in so the flippers/warrant holders can cash out. How much of that 20% will t cost to pull out?
It's a side show. Such a small gold resource is not going to capture any particular interest, particularly when you only have 20% of it. There may be $90m attributable to KGLD but the value is much lower as you have the capex to develop it and then the costs to dig it out and process it. They should sell this in my opinion or just accept a steady dilution. I am much more interested in any new stuff coming down the line. Finland looks interesting and it will be good to see how it develops.
What a great RNS. $97m worth of gold with a £3m market cap. Surely no downside from here ??
India gold trades at premium for first time in 9 months - dealers reut.rs/2ejSzjz
15/10/2016, 13:49 #KGLD @KolarGoldLtd MoU with Minerals Exploration Network in Finland shows excellent potential. c 24km2 licence area of #Gold prospects pic.twitter.com/u1ATLhSuRi
Where did you get your information on MKA? lol Excellent well researched post with lots of proof you posted regarding placing. #sarcasm On a serious note I think Kgld will move away from India. Or at least move most business away. I'm in for long term not few months. At this stage it's all about trust in a CEO to deliver. I think CP will deliver. Good start with Finland imho
That should be a fun process. Nothing like two sides equally revolting fighting each other! MKA looks unlikely to bring anything to fruition in the same way as RGM with Greenland or Mambare but I get that people will see trading opportunities there. I actually think that KGLD is more likely to advance the Finnish gold opportunity.
So MKA arent a scam then after passing all AIM regs to float is what your saying too ? And your answer to the last paragraph about me please ?
No, cant stand for BMD. But they are about to unleash the dogs of war there from what i gather. So don't get caught. TBH there all as bad as each other.
Korg, youre calling MKA a scam - is that because you take investment advice of a bank robber ? Tut tut
Such a better place than here but ... 13/10/2016, 15:28 #KGLD Ridiculous sell off on excellent news. Still over £0.9m in cash: now expecting a third asset (Indian based?) to be added by month end.
What are you talking about ? The last placing was done months ago and no ramping or mass flipping Do you have inside info that another placings is coming - no of course not as they have £900k in the bank so theres no need Also the warrants hold £2m in future value so the argument is flawed The reason why I post here is because NEWS is on the way hence yesterday's RNS and you call a few posts a day ramping - whats ramping when I comment or copy and paste info Im not shouting 10p or any outrageous statements To you care to expand on your last sentence as I buy shares, hold them longer enough to make serious gains and not invest in crap What is your motive here is personel against posters or what ?
I do know, but we ALL know this is the news ramp before the next placing so the flippers can sell. As for m****ty, is he in deep MKA, which is a typical aim scam by the looks of. it. So what does that say about KGLD? Timeless, we know your money making method, but you can only use the gedi mind tricks so often. And that works at company level too.
Korg, Do you know this is under new management ?
If you take the time to read the RNS and understand the significance of the potential and realise its a positive step forward then you'll buy We then have their Twitter feed saying their in India right now and so further news I thought we'd get the Indian update first but delighted the MENF asset is bagged So the market is waking up one feels Any serious volume here and it'll rise dramatically we all know that even the non holders here dispensing advice will agree and that the beauty as awareness grows
Wow, how long has it taken for that? If you thought "regular" companies take time to deliver mining prospects, one with indian assets could take double that time. Slow buracratic, tribal attitudes, corruption (or normal business practices). Its going to be a frustrating and costly venture if your perfectly honest. And they WILL have to pay again to stay in the game with BGML
Kolar Gold (@KolarGoldLtd) 14/10/2016, 08:44 Economic Feasibility Study progress being made at Jonnagiri #KGLD pic.twitter.com/k1eUFKioWf