India's 1st major private gold mine Jonnagiri to open soon
India's first major private gold mine, the Jonnagiri project in Andhra Pradesh, is about to open its doors.
This is a pretty big deal: India has relied on importing huge amounts of gold (over 800 tons every year) since the famous Kolar Gold Fields closed back in 2000.
Andhra Pradesh's chief minister, Chandrababu Naidu, is expected to formally dedicate the mine soon.
Experts say Jonnagiri could cut imports
The Jonnagiri project, run by Geomysore Services India, covers nearly 600 hectares and has already pulled in over ₹400 crore in investments.
It's set to produce about 1,000kg of refined gold each year for the next 15 years, with reserves that could grow even bigger.
Experts say this could help India rely less on imports and spark more investment in homegrown mining down the line.