India gold output dropped 8% to 1.43 tonne in FY 2015

Published: Apr 28, 2015 11:08 (GMT+8)

Save

The country’s total gold production during the previous fiscal year from April 2014 to March 2015 dropped nearly 8% when compared with the previous fiscal year.

Author: Paul Ploumis 27 Apr 2015 Last updated at 09:03:17 GMT

NEW DELHI (Scrap Monster): The country’s total gold production during the previous fiscal year from April 2014 to March 2015 dropped nearly 8% when compared with the previous fiscal year. India’s FY ’15 gold production totaled 1.43 tonne, as compared with 1.56 tonnes production recorded during the 2013-14 fiscal year.

In a written reply to the Parliament, Vishnu Deo Sai, Minister of State for Steel and Mines stated that gold production from currently active gold mines in the country totaled 1.43 tonnes during FY ’15. This includes the reported output from Hutti Gold Mines Co in Karnataka and Manmohan Industries in Jharkhand.

The Minister of State also said that various efforts are on to increase the country’s mined gold output. The construction works of second phase mining at Hutti Gold Mines are already underway. The second phase of mine development activities are in progress at the Hira-Buddini and Uti gold mines, he added.

Meantime, the country has continued to depend on imported gold to meets its domestic demand. The gold imports by weight have risen sharply by almost 48% from 638 tonnes in FY 14 to 945 tonnes in FY 15. However, gold imports by value have not risen correspondingly, due to falling gold prices.

According to the Mineral Exploration and Development Forecast Report released by the Ministry of Mines, the country currently has a gold reserve-base of 659 tonnes. Around four private mining companies are awaiting government clearance to start gold exploration activities. With increased private sector participation in gold mines, India’s domestic gold production is expected to increase manifold over the coming years.

gold

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

34 mins ago

Escondida No. 2 Union Rejects Wage Offer, Strike Vote Set for September 28–30

Sindicato N°2 de Supervisores y Staff, which represents more than 1,000 supervisors and employees at BHP’s Escondida copper mine in Chile, has urged members to reject the company’s final wage proposal and support strike action. Union president Alexis Barrera said the leadership unanimously rejected the offer, arguing that it failed to meet workers’ demands and required employees to perform multiple tasks. The proposal will be presented to union members this week, with voting scheduled for September 28–30. If members vote in favour of a strike, Escondida’s operations could face further labour-relations risks. The union’s current contract expires on September 30, 2026. It remains unclear whether a strike will take place or how long it could last, with the vote and further negotiations to be closely watched.

34 mins ago

35 mins ago

Eldorado's Skouries mine in Greece ships first copper-gold concentrate

Eldorado Gold's Skouries copper-gold project in northern Greece has produced its first copper-gold concentrate, moving the mine from construction into commissioning. The site has stockpiled roughly 4.6 million tonnes of ore to feed the plant. Designed to yield about 140,000 ounces of gold and 67 million pounds of copper a year, Skouries is scheduled to reach commercial production in the fourth quarter of 2026. As one of Europe's few large new copper-gold developments, the start-up adds regional refined-copper and gold-concentrate supply amid tight global copper markets.

35 mins ago

Vedanta's KCM restarts Nchanga copper smelter after 106-day overhaul

Vedanta's Konkola Copper Mines has resumed operations at its Nchanga copper smelter in Chingola, Zambia, after more than three months of maintenance and rehabilitation, the company said on 21 September. Built at a cost of US$350 million and commissioned in 2010, Nchanga is one of Zambia's largest copper processors with annual capacity of 311,000 tonnes. The shutdown was initially scheduled for 60 days but extended to 106 days after detailed inspections found additional critical work; the refurbishment cost about US$40 million, the first major overhaul in eight years. The plant cast its first copper anode after restart. KCM produced 80,215 tonnes of copper in 2025, and Vedanta targets annual output of 300,000 tonnes by 2030. The restart supports Zambia's goal of lifting national copper production to 3 million tonnes by 2031 from 890,346 tonnes in 2025.

35 mins ago