Geologists discover two goldmines having 3,350 tonne gold ore in Naxalite-affected Sonbhadra district of UP
These goldmines are discovered after two decades of search by Geological Survey of India and Uttar Pradesh Directorate of Geology and Mining.
The discovery of gold deposits is around five times the current gold reserves of India, which is around 626 tonne.
This is 6.6 per cent of the share held in gold in total foreign reserves.
The estimated value of the new gold reserve is around 12 lakh crore rupees.
The exploration of the vast goldmines and other minerals will bring new fortunes for India.
It will not only give a big boost to the state's revenue but will bring India next to US which has the biggest gold reserves.
US has the largest holding with 8,133.5 tonne, followed by Germany with 3,366 tonne and the International Monetary Fund (IMF) with 2,814 tonne.
Other countries having more gold reserves than India are Italy, France, Russia, China, Switzerland and Japan.
The Sonbhadra good reserve will make India richer than 8 countries.
The gold mining will provide both skilled and unskilled jobs.
This will also lead to the much-needed development of the backward regions of these two districts of UP.
The government will put these deposits on lease for mining, for which a survey is being done.
Gold deposits have been found at two places -- Sonpahadi and Hardi field.
GSI estimated gold deposits of 2,700 tonnes in Sonpahadi, while 650 tonne in Hardi field.
Apart from gold, officials are also exploring the possibility of rare minerals like uranium in the area
Bundelkhand and Vindhyan districts of UP are rich in gold, diamond, platinum, limestone, granite, phosphate, quartz, and China clay.
Sonbhadra's goldmine re-instates India into 'Sone ki chidiya'
The state mining department has formed a seven-member team that visited Sonbhadra on Thursday.
The team will map the goldmine area and will conduct geo-tagging.
Officials say the mineral-rich mines of Sonbhadra are easy to dig due to their geographical position.
The government will start the auction process after compensation payout and approvals are granted.