NMDC Limited has become the highest bidder for a gold mine in Chittoor district in Andhra Pradesh through e-auction.
According to the state-run company’s Director (production) PK Satpathy, National Mineral Development Corporation has emerged the winner by pushing behind big players including Adani and Vedanta.
“This is the first time that NMDC is going to take up gold mining in India. We are the highest bidder in the e-auction for the gold mine located in Andhra Pradesh. Now the state government will call us to fulfil other formalities,” he was quoted as saying by PTI.
Stating that timelines will be decided after the government formally announces the decision, he added that mine development will require about Rs 450 crore investment in different phases.
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