Gold News

Indian government calls for gold mining foreign tie-ups

The Indian government has asked domestic miners to engage in tie-ups with foreign companies in order to step up gold production in the country.

India's minister of state for mines, T Subbarami Reddy, told the Economic Times that miners would have to invest risk capital for new exploration, and said that mining should contribute Rs 1.5 million crore to the Indian yearly GDP.

"The country imports about 800 tonnes of gold worth Rs 55,000 crore every year, only because we have not adequately explored our reserves," he said.

"The miners say explorations are big-budget exercises involving substantial risk capital. If that is so, they should explore tie-ups with their foreign counterparts and engage in more exploration."

He also stressed the important role that the Federation of Indian Mineral Industries should play in facilitating investment in the mining sector.

Meanwhile, India's Syndicate Bank has launched the Syndsona brand to sell gold coins around the country, which will allow more individuals to invest in the precious metal.


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