<p>New Delhi: A parliamentary committee has urged the Union government to expedite the monetisation of around 33 million tonnes of gold-rich tailing dumps at <a href="https://www.deccanherald.com/tags/bharat-gold-mines-limited">Bharat Gold Mines Ltd</a> (BGML) in Kolar Gold Fields.</p>.<p>The Standing Committee on Coal, Mines and Steel said in its latest report that approximately 33 million tonnes of tailings dumps (extraction waste) at KGF, containing recoverable quantities of gold and other precious metals, have been identified for monetisation.</p>.<p>The committee urged the Union Ministry of Mines to expedite the process of monetisation.</p>.<p>The committee may also be apprised of the latest developments in this regard, the report said. </p>.<p>Gold mine tailings dumps are massive storage facilities containing crushed rock, water, and processing chemicals left after extracting gold. They pose significant risks to the environment.</p>.Gold prices set for 30% upside this year, say analysts.<p>BGML is a PSU under the Mines Ministry. It has remained closed since 2001. The 2026-27 budget has allocated Rs 8.75 crore for its maintenance.</p>.<p>BGML was incorporated in April 1972 under the administrative control of the Department of Mines with its office at Kolar Gold Fields (KGF). It was engaged in mining and production of gold, mainly in KGF and in a few smaller operations in Andhra Pradesh.</p>.<p>When the BGML operations became economically unviable, they were closed. The Cabinet had taken a decision in 2006 to dispose of the assets through a global tender with the first right of refusal in favour of the ex-employees society.</p>.<p>The decision of the Cabinet could not be implemented for some reasons. However, the government is exploring the future course of action and other viable options with respect to BGML now, the ministry said.</p>.<p>The Karnataka government, in June 2024, had cleared a proposal of the Centre for reviving gold mining and auctioning of 13 tailing dumps spread over 1,003.4 acres at Kolar Gold Fields (KGF) by the Bharat Gold Mines Ltd. (BGML).</p>
<p>New Delhi: A parliamentary committee has urged the Union government to expedite the monetisation of around 33 million tonnes of gold-rich tailing dumps at <a href="https://www.deccanherald.com/tags/bharat-gold-mines-limited">Bharat Gold Mines Ltd</a> (BGML) in Kolar Gold Fields.</p>.<p>The Standing Committee on Coal, Mines and Steel said in its latest report that approximately 33 million tonnes of tailings dumps (extraction waste) at KGF, containing recoverable quantities of gold and other precious metals, have been identified for monetisation.</p>.<p>The committee urged the Union Ministry of Mines to expedite the process of monetisation.</p>.<p>The committee may also be apprised of the latest developments in this regard, the report said. </p>.<p>Gold mine tailings dumps are massive storage facilities containing crushed rock, water, and processing chemicals left after extracting gold. They pose significant risks to the environment.</p>.Gold prices set for 30% upside this year, say analysts.<p>BGML is a PSU under the Mines Ministry. It has remained closed since 2001. The 2026-27 budget has allocated Rs 8.75 crore for its maintenance.</p>.<p>BGML was incorporated in April 1972 under the administrative control of the Department of Mines with its office at Kolar Gold Fields (KGF). It was engaged in mining and production of gold, mainly in KGF and in a few smaller operations in Andhra Pradesh.</p>.<p>When the BGML operations became economically unviable, they were closed. The Cabinet had taken a decision in 2006 to dispose of the assets through a global tender with the first right of refusal in favour of the ex-employees society.</p>.<p>The decision of the Cabinet could not be implemented for some reasons. However, the government is exploring the future course of action and other viable options with respect to BGML now, the ministry said.</p>.<p>The Karnataka government, in June 2024, had cleared a proposal of the Centre for reviving gold mining and auctioning of 13 tailing dumps spread over 1,003.4 acres at Kolar Gold Fields (KGF) by the Bharat Gold Mines Ltd. (BGML).</p>
