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Australian miner Citigold Corp which has been conducting field visits to the Kolar sites since has agreed to partner with Indian conglomerate Essel Group to tender for the ets from the government India can be a challenging place to work and partnering up with a solid local partner is key to making this happen Citigold executive chairman Mark Lynch told Reuters We made sure we did our homework

In the early years the gold mine sported a sprawling estate for its operators with its own golf course and tennis courts British engineers also constructed the worlds longest transmission line with the highest voltage at the time to meet the hydro power needs of the mine

By the s workers were employed with Europeans holding most of the top jobs The mines were nationalised in nine years after the end of British rule and by were running at a loss though it would be two decades before operations ceased

The government last year launched a Gold Monetisation Scheme to mobilise gold hoardings The scheme has so far collected about three tonnes of gold in four months The government plans to auction at least three gold mines this year including Kolar Mines Secretary Balvinder Kumar told Reuters on February Mr Kumar said several local and multinational companies had shown interest in the mines without naming them Read more

Mr Lynch said the Bharat project would require new infrastructure and mine equipment but that potential existed to get an early leg up by processing tonnnes of mine waste at the site as well as open pit and shallow underground extraction

Gold rose by per cent in the first quarter the best performance in almost three decades

At todays this project would be making Mr Lynch said New DelhiWith the share of states in central taxes seeing a quantum jump Finance Minister Arun Jaitley today advised them to stick to fiscal discipline spend on infrastructure and development activities and to use Aadhaar for transferring benefits to people

Speaking at the second conference of state finance secretaries he said The tendency to spend it on nondevelopmental activities may in the short term appear to be attractive but in longer run it doesnt reap results

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