11:45 PM IST
Indian state-owned miner NMDC is the highest bidder in a government e-auction for a gold mine in Andhra Pradesh, beating resources conglomerates Vedanta and Adani, NMDC Chairman Baijendra Kumar told Reuters.
NMDC is expected to invest about 4 billion rupees ($58.3 million) in the project, Kumar said without providing further detail on the company`s bid. The mine has an estimated 2.2 million tonnes of gold.
The state government is likely to notify NMDC as the bid winner some time next week, said Sreenivas Chowdary, deputy director of mines for Andhra Pradesh, confirming that Adani and Vedanta Resources had also bid.
Both Adani and Vedanta did not immediately reply to a Reuters email seeking comments.
NMDC would get a 50-year lease to operate the mine, Chowdary said.
The project would be NMDC`s first gold mine in India, Kumar said, adding that the company expects to start mining gold within two years of gaining licences.
The company already has a gold mine in Tanzania.
($1 = 68.6000 Indian rupees)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
8th Pay Commission Indian Army Salary Hike Projections: Sepoy to Subedar Major to Brigadier revised basic pay estimates vs 7th CPC
)
Top 5 Flexi Cap Mutual Funds with Highest SIP Returns: Rs 20,000 monthly investment in No. 1 fund has grown to Rs 22.69 lakh in just 5 years
)
Power of Rs 1,50,000 PPF: How many years will it take to generate over Rs 90,000/month tax-free income from Public Provident Fund?
)
444-Day Special FDs: SBI, BoB, IOB & Indian Bank—Which fixed deposit scheme offers highest return on your Rs 6.25 lakh or Rs 7.25 lakh investment
)
Stocks To Buy For Short Term: Analysts recommend 1 largecaps, 2 midcaps, and 5 smallcap scrips for 2 weeks
)
Rs 9,00,000 One-time Investment in Mutual Funds: How many years will it take to create a Rs 1,00,00,000, Rs 3,00,00,000 and Rs 8,00,00,000 corpuses? Check calculations
11:45 PM IST