Date | Feb 28, 2016:

Vedanta Ltd, a global diversified metals and mining company, has won India's first-ever e-auction for a gold mine, Baghmara (Sonakhan) mines located in Chhattisgarh.

The company won the e-auction held here on Friday with the highest bid of 12.55 per cent of Indian Bureau of Mining (IBM) price of Rs 74,712 per troy ounce, officials of State Mineral Resource Department which successfully conducted the auction said today.

Spread of 608 ha of land in the eastern area of Balodabazar-Bhatapara district, the Baghmara gold mine with a reserve of 2,700 kg of gold metal has helped the state earn a revenue of Rs 81.39 crore as auction money and Rs 24.70 cr as royalty.

According to Mineral Resource Department Secretary Subodh Singh, Chhattisgarh became the first state in the country to successfully e-auction gold composite license.

The credit of first non-coal mine auction in the country goes to the state, he added.

(Source: http://news.webindia123.com/)