Social media is in buzz ever since the news was spread that tonnes of gold ore was found in UP. The goldmine is said to be 5 times India’s current reserve. The section of the hill where the gold was located is said to be 108 hectares and is estimated to contain about 3,000 tonnes of gold.
5 times India’s current gold reserve
The gold reserve has been found in Uttar Pradesh’s Sonbhadra district, the Geological Survey of India (GSI) and Mining confirmed on Friday.
The GSI and the Uttar Pradesh Directorate of Geology and Mining have been operating on obtaining the reserves for over two decades. They had first announced the presence of gold deposits in the region back in 2005. Hence, the claims had been confirmed in 2012.
The discovered two ores are located in Son Pahadi and Hardi Block. According to a GSI official, the deposits in Son Pahadi are approximately 2,943.26 tonnes while the deposits at the Hardi block are around 646.16 kilograms according to a report.
Worth Rs 12 lakh crore
Now, the value of this amount of gold is estimated at around Rs 12 lakh crore. 5 times greater than India’s current gold reserve.
The officials have also noted that there is a strong possibility of the presence of other precious minerals, including uranium, in the hills of the region.
This discovery would ensure India that they would not have to import gold for the next five years and will help it save foreign currency in its foreign exchange reserves.
A group of seven in a team tasked with geo-tagging and mapping goldmine areas visited Sonbhadra on February 20. Officials claimed that the mineral-rich mines of Sonbhadra are easy to dig and give their geographical position as they are mostly situated on hillocks.
The executives further believe that the government will commence the auction process once compensation payout and necessary approvals are granted.