In a major breakthrough in 20 years, the Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining have finally found a massive gold reserve in a UP district. The discovery will bring great fortune to Uttar Pradesh as the goldmines are estimated to be five times more than India's total gold reserve.
According to the Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining, the Sonbhadra district in UP has a total of 626 kgs of gold.
Gold reserves up for grabs
Investors shouldn't look further if gold mining is their forte. The UP government is auctioning off these newly-discovered gold reserves and it has already started the process for allocation of blocks where gold is said to be found.
"Government is thinking of putting these deposits on lease for mining, for which survey is being done," K K Rai, District Mining Officer was quoted as saying by ANI UP.
The UP government has also set up a seven-member team for auctioning these gold reserves through e-tendering process. Once the geo-tagging of the entire region is complete, the report will be submitted to the Directorate of Geology and Mining, Lucknow by Saturday, post which Yogi-led state government will commence auctioning of the blocks as soon as the compensation payout and necessary approvals are granted, Business Today reported.
Besides gold, the officials are also exploring the possibility of rare minerals like uranium in these areas. It goes without saying that these goldmines give a huge boost to the state's revenue, but it also creates job opportunities and much-needed development in these underdeveloped districts of UP.
A retired Geological Survey of India officer, Dr Prithvi Mishra, told the media that sometime in 2011, there was a rock made of gold measuring one kilometre long, 18 meters high and 15 meters broad. This is just an example of the rich gold mines of Sonbhadra district.