Fifteen years after the closure of Bharat Gold Mines Limited in the Kolar Gold Fields, a company floated by its former employees has signed an Expression of Interest (EoI) with the State government to revive the mines.
The EoI was signed during the Invest Karnataka summit this year between the State government and JMJ Minerals Private Limited, a Kolar-based firm floated by BGML Ex-Employees Society. The company proposes to take up shallow mining in the tail dumps in KGF.
The Union government had shut down the mines in September 2001. It is yet to settle pension and other dues of around 3,000 employees. The total estimated settlement is said to be close to Rs 52 crore.
Speaking with Deccan Herald, president of the Society and chief executive and director of JMJ Minerals, G Jayakumar, said they were in talks with Kolar Gold Company, a subsidiary of a gold exploration firm in Australia.
The official website of Kolar Gold Company says it is engaged in gold exploration.
Nodal officer
The State government has appointed a nodal officer to co-ordinate with JMJ Minerals to provide their investment proposals to take them forward.
“We have three months’ time and will soon place all the details before the government,” he said adding that he cannot provide the details of investments as he had signed a confidentiality clause with the investing company. Jayakumar said the revival company would not only clear Rs 52 crore dues of the 3,000 employees but will also take up community development work in the region. He appealed to the State government to appoint an administrative officer to BGML to ensure effective co-ordination.
