HGML produces 1.66K gold in ‘18-19

The Hutti Gold Mines Company Limited (HGML), a government of Karnataka undertaking, has produced 1,661 kg of gold as against the target of 1,700 kg of gold for 2018-19. The company, on an average, has produced 2.62 grams of gold for every tonne, said the company’s management board.

In 2017-18, the company had produced 1,640 kg of gold. For 2019-20, the company has set a target of producing 1,750 kg of gold.

In the first quarter from April to June 2019, the company has produced 391 kg of gold. Thus, the company had produced 20 kg of additional gold this year, compared to the corresponding period last year.

In 2017-18, the company had clocked a net profit of Rs 30 crore. In 2018-19, the company has clocked a net profit of Rs 80 crore. Thus, the company has clocked a record profit in the last two years, when compared to the net profit earned in all previous years.

It is said the company suffered a setback owing to the closure of its new unit Heera-Buddhinni, which produced at least 90 to 100 kg of gold every year. The unit had to be closed down, owing to a land dispute between the farmers and the company’s administrative board.

The company has a capacity to process 2,000 tonnes of ore every day. By next year, two more units of the company will be started. Following this, 3,500 tonnes of ore can be processed, said Dr Richard Vincent D’Souza, managing director of Hutti Gold Mines Company Limited.