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162 GOLD MINING AND EXPLORATION Primary gold producers Secondary gold producers Gold mining potential Indian Bureau of Mines Appendices Gold production by State and District Gold production in India 1970-2001 CHAPTER 9 CONTENTS Hutti Gold Mines is India’s largest gold mining company. Its mines are located in Karnataka (south India). Annual gold output is around 2 tonnes. AN INTRODUCTION TO THE INDIAN GOLD MARKET
GOLD MINING AND EXPLORATION For 36 years (1957-1993), the mining of gold was nationalised under the Mines & Minerals (Regulation & Development) Act 1957. In line with the Indian government’s policy of economic deregulation initiated in 1991, a new National Mineral Policy was announced in March 1993. Alongside 12 other minerals, the mining of gold was liberalised to include private initiatives. The new policy is designed to encourage the development and exploitation of the country’s mineral resources, focusing on those minerals, such as gold, where there is a disparity between domestic supply and demand. Although current annual gold mine output is only around 2 tonnes, there are many gold exploration projects. More than 20 million tonnes of proven, probable and possible gold ore reserves have now been identified. PRIMARY GOLD PRODUCERS The original Act, renamed the Mines and Minerals (Development and Regulation) Act 1957, was amended in January 1994 and December 1999. Restrictions on foreign equity participation have been removed. More powers have been given to State governments to grant, renew and transfer mineral concessions. Area restrictions have also been liberalised to apply to a single State, not the country as a whole. For example, in each State, a Reconnaissance Permit can now cover 10,000 square kilometres, a Prospecting Licence 25 square kilometres, and a Mining Lease 10 square kilometres. Two companies mine primary gold in India. The mines are located in two States in the south: Karnataka and Andhra Pradesh. The Hutti Gold Mines Co Ltd (HGML) Established in 1947, but known as Hutti Gold Mines since 1956. An undertaking of the Karnataka State Government under the administrative control of the Department of Commerce and Industry. Mines: Located in Karnataka. Hutti (in the Raichur district) and Mangalur (in the Gulburga district). Annual gold output is around 2 tonnes. M/s Bharat Gold Mines Ltd (BGML) Incorporated in 1972. A Public Sector Undertaking under the administrative control of the Ministry of Coal and Mines. Mines: Located in the Kolar Gold Field in Karnataka, and in the Anantapur and Chittoor districts of Andhra Pradesh. Current annual gold output is less than 100 kg, following the closure of several mines in the Kolar Gold Field in 2000. SECONDARY GOLD PRODUCERS Two other companies produce gold as a by-product from copper slimes and concentrates. The smelters are located in Bihar in the east and Gujarat in the west. M/s Hindustan Copper Ltd (HCL) Incorporated in 1967. A Public Sector Undertaking under the administrative control of the Ministry of Coal and Mines. Smelter: Located at Ghatsala in the Singhbhum East district of Bihar. Annual gold output, as a by-product of copper slimes, has ranged between 400 - 700 kg. Indo-Gulf Corporation Ltd (Birla Copper) Part of the Birla Group of companies. The smelter, commissioned in May 1998, is located at Dehej in the Bharuch district of Gujarat. Annual gold output, as a by-product of imported copper concentrates, was 5.1 tonnes in its first year of production (2000-01). AN INTRODUCTION TO THE INDIAN GOLD MARKET 163
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AN INTRODUCTION TO THE INDIAN GOLD
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INDUSTRY SUPPORT MAJOR SPONSOR CORP
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PREFACE An Introduction to the Indi
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ACKNOWLEDGEMENTS GIR FIELDTRIPS GIR
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Raman Jethi Ramchand Popley Ramesh
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SUMMARY AND POSITIVE FINDINGS BACKG
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SUMMARY AND POSITIVE FINDINGS To ma
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SUMMARY AND POSITIVE FINDINGS The a
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SUMMARY AND POSITIVE FINDINGS POSIT
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SUMMARY AND POSITIVE FINDINGS INDUS
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ROLE OF INDIAN GOVERNMENT The India
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ROLE OF INDIAN GOVERNMENT The Depar
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ROLE OF INDIAN GOVERNMENT OFFICIAL
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ROLE OF INDIAN GOVERNMENT In summar
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ROLE OF INDIAN GOVERNMENT GOLD CONT
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ROLE OF INDIAN GOVERNMENT LICENSED
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MAP OF INDIA There are 28 States, 6
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POPULATION URBAN AND RURAL State Mi
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POPULATION HOUSEHOLDS - SPLIT BY SO
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ECONOMIC INDICES STATES - INDICATIV
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AGRICULTURE VALUE OF AGRICULTURAL O
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AGRICULTURE MAJOR CROPS - NORMAL AR
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MONSOONS PERFORMANCE OF SOUTH WEST
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IMPORTED GOLD BARS The 10 tola bar
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IMPORTED GOLD BARS 10 TOLA BARS AGR
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IMPORTED GOLD BARS GOLD WEIGHT CONV
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The fine gold content of a London G
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BULLION IMPORTERS UNOFFICIAL IMPORT
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BANKS IMPORTED BULLION PRODUCTS Ban
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WHOLESALING TO DOMESTIC BULLION DEA
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BANKS BACKGROUND INFORMATION ON BAN
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BANKS GOLD CELL BRANCHES Region/Sta
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GOLD DEPOSIT SCHEME DISTRIBUTION Th
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GOLD DEPOSIT SCHEME The State Bank
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PUBLIC SECTOR UNDERTAKINGS BRANCHES
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Region/State City MMTC HHEC STC PEC
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NON-RESIDENT INDIAN (NRI) GOLD IMPO
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BULLION DEALERS A secondary tier bu
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GOLD REFINERS SMALL REFINERS There
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COIN FABRICATORS Corporate gifts Al
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COIN FABRICATORS A bullion dealer t
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BAR HOARDING Some trade entities in
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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BULK DELIVERY OF OFFICIAL GOLD IMPO
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PERSPECTIVE INDIA The gold jeweller
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GOLD JEWELLERY PRODUCTS Handmade je
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REGIONAL JEWELLERY STYLES KOLKATA K
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REGIONAL JEWELLERY STYLES AHMEDABAD
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REGIONAL JEWELLERY STYLES SWAMI JEW
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JEWELLERY FABRICATORS All centres,
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JEWELLERY FABRICATORS JEWELLERY WHO
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TRADITIONAL JEWELLERY RETAILERS Sta
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TRADITIONAL JEWELLERY RETAILERS Coi
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Page 115 and 116: TRADITIONAL JEWELLERY RETAILERS Man
Page 117 and 118: ADORNMENT DIMENSION Gold jewellery
Page 119 and 120: GOLD JEWELLERY CONSUMERS MARRIAGES
Page 121 and 122: GOLD JEWELLERY CONSUMERS Among larg
Page 123 and 124: GOLD JEWELLERY CONSUMERS RURAL VERS
Page 125 and 126: GOLD JEWELLERY CONSUMERS Gold jewel
Page 127 and 128: GOLD JEWELLERY CONSUMERS INDICATIVE
Page 129 and 130: LUNAR CALENDAR Mumbai (Maharashtra)
Page 131 and 132: BRANDED JEWELLERY RETAIL CHAINS DIS
Page 133 and 134: Region/State Gili Tanishq Carbon In
Page 135 and 136: HALLMARKS In accordance with BIS pr
Page 137 and 138: HALLMARKING Most jewellery in the W
Page 139 and 140: SOURCES OF GOLD BULLION Jewellery e
Page 141 and 142: Location US dollars in millions % S
Page 143 and 144: Plain gold jewellery Location US$ m
Page 145 and 146: INDUSTRIAL GOLD USAGE Since the rep
Page 147 and 148: INDUSTRIAL GOLD USAGE IMITATION GOL
Page 149 and 150: MUMBAI GOLD PRICES Indian gold pric
Page 151 and 152: MUMBAI GOLD PRICES INDICATIVE DIFFE
Page 153 and 154: MONTHLY 2000 - 2001 2000 MUMBAI LON
Page 155 and 156: PRICING AND PROFITABILITY Bank impo
Page 157 and 158: Recycling of old gold scrap and bar
Page 159 and 160: JEWELLERY WHOLESALERS Jewellery who
Page 161 and 162: Hallmarking charges The few hundred
Page 163: PRICING AND PROFITABILITY MINTED CO
Page 167 and 168: Year Tonnes Year Tonnes 1970 3.241
Page 169 and 170: GOLD SUPPLY AND DEMAND Movements in
Page 171 and 172: GOLD SUPPLY AND DEMAND The trade at
Page 173 and 174: For the domestic market 1990 - 2001
Page 175 and 176: GOLD SUPPLY AND DEMAND INDICATIVE G
Page 177 and 178: GOLD SUPPLY AND DEMAND INDICATIVE A
Page 179 and 180: WORLD GOLD COUNCIL The World Gold C
Page 181 and 182: WORLD GOLD COUNCIL TRADITIONAL GOLD
Page 183 and 184: WORLD GOLD COUNCIL LOCAL FESTIVALS
Page 185 and 186: WORLD GOLD COUNCIL YOUNGER GENERATI
Page 187 and 188: Indian Overseas Bank Precious Metal
Page 189 and 190: REFINERS AND COIN FABRICATORS WEST
Page 191 and 192: BIBLIOGRAPHY Agricultural Statistic
Page 193 and 194: ABOUT GRENDON INTERNATIONAL RESEARC
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