Karnataka's Hutti Gold Mines earns Rs 440 crore profit

Lingsugur (Raichur district): The Hutti Gold Mines Ltd (HGML) has reported a profit of Rs 440 crore  for the current year, G T Patil, the HGML chairman said on Saturday.

“The Hutti Gold Mines Ltd has earned a profit of Rs 440 crore in the current year due to steep increase in gold prices. Last year, it had registered a profit of Rs 239 crore after tax.  After I took charge as chairman of HGML, I have initiated several welfare measures for workers, including enhanced insurance coverage for all workers. I have directed the managing director of the company to increase the CSR fund by Rs 2.5 crore for the development of the local area. 

This apart, 1,000 residential quarters for workers were built at a cost of Rs 1,000 crore and a drinking water project was implemented at Rs 135 crore. Also, the tender process is underway for setting up a solar power plant at the site,” Patil told reporters here.

He also added that the company has set an enhanced target for extraction of ore and its processing.