In a major news from the business world, state-owned NMDC Limited has emerged as the highest bidder for a gold mine in Chittoor district of Andhra Pradesh.
The NMDC bid through the e-auction only to push behind big players including Adani and Vedanta.
The company officials said that this is the first time that they going to take up gold mining in India.
The NMDC will soon be invited by the state government to complete other formalities.
It is estimated that the mine development will require about Rs 450 crore investment in different phases.
The Chigargunta-Bisanatham gold block for mining lease located in Chittoor district has an area of 263.01 hectares and the resources are expected to be 1.83 million tonnes containing 5.15 grams of gold per tonne.
The official also said NMDC and the state government will enter into Mine Development and Production Agreement once all the necessary permissions such as environmental clearances are obtained.>