Posted on 10/30/2025 9:31:05 PM PDT by Red Badger
A new phase in India’s mineral development strategy is taking shape in the eastern state of Odisha, where exploratory studies have identified up to 20 metric tons of gold deposits across several districts. The discovery, led by the Geological Survey of India (GSI), marks the most significant gold find in the region to date and has triggered preparations for the state’s first public auction of a gold mining block.
While modest by global standards, the reserves are seen as strategically relevant in a country that remains heavily reliant on gold imports, with annual volumes consistently exceeding 700 metric tons, according to the World Gold Council. The move is part of a broader effort by the Indian government to diversify domestic mineral output, reduce import dependence, and accelerate the commercialization of previously underutilized geological assets.
Sources: ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Gold Council
The initial auction is expected to focus on a site in Deogarh district, where exploration has progressed from G3 (preliminary investigation) to G2 (general exploration) level—signifying a more detailed and technically viable stage of resource assessment. The auction process is being facilitated by the Odisha Mining Corporation (OMC) and is scheduled to proceed once G2 assessments are completed and regulatory procedures are finalized.
regional mining infrastructure supports rapid development
Odisha already plays a central role in India’s mining economy. The state holds 96% of the country’s chromite reserves, 52% of bauxite, and 33% of iron ore, according to data from the Ministry of Mines. This existing infrastructure—including transport networks, processing facilities, and skilled labor—positions the state to implement gold mining operations without requiring significant new investment in foundational systems.
The districts identified for gold potential—Deogarh, Keonjhar, Koraput, Angul, Sundargarh, and Nabarangpur—are currently undergoing further sampling and drilling to verify ore quality and extractable volume. Additional surveys are underway in Mayurbhanj, Sambalpur, Malkangiri, and Boudh, as shown on the official district map of Odisha, where earlier geological mapping indicated possible gold-bearing formations.
Map of the districts of Odisha organized by divisions. The darkest district in each colour is the head seat of the district. Credit: Planemad/ Wikimedia
The GSI has emphasized that upgrading survey stages to G2 allows for more accurate resource classification, which is essential before public auctions can proceed under India’s amended mining legislation, particularly the Mines and Minerals (Development and Regulation) Amendment Act, 2021.
economic rationale aligned with national mineral strategy
India’s domestic gold production remains limited, averaging 1.6 metric tons per year, a figure dwarfed by its consumption. This has contributed to a consistent current account deficit, as gold remains the country’s second-largest import item by value. In this context, even medium-sized deposits such as those found in Odisha are economically meaningful, particularly if production is scaled efficiently and additional reserves are located.
The initiative aligns with the National Mineral Policy and the Critical Minerals Strategy currently being advanced by the Ministry of Mines, which aims to increase exploration intensity and improve the pace of mineral block auctions. The strategy focuses not only on precious metals like gold but also on rare earths, lithium, and other essential resources for the energy transition.
Recent exploration in West Bengal and Arunachal Pradesh has identified over 500,000 tons of rare earths, 14 million tons of vanadium, and 18 million tons of graphite, positioning India to participate more actively in global supply chains for clean energy technologies. Many of these updates are publicly reported via the GSI’s official exploration data and the Ministry of Mines.
In addition, detailed locality-level mineral data—such as that from Adasa-Rampalli and Keonjhar—are tracked by global mineralogical databases like Mindat, offering technical depth to geologists and investors.
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They all need to pack their bags and head back to their own country to start investing in Making India Great for the First Time.
India was among the first large scale miners of gold.
It was the first place diamonds were mined.
It was considered the place of riches by Alexander the Great, it had Roman fleets during Augustus time trading with it (via the red sea port of Berenice) so much so that Roman politicians complained among Rome’s coffers emptying out to buy fine cotton and spices from India.
In fact it was so rich that a certain Christopher Columbus tried to find a route to it and bumped into the Americas
They tell us how many tons of gold they may be able to produce.
What they don’t tell us is how many millions , tens of millions, Hundreds of millions of tons of worthless rock they are going to have to move to just get to it, and then how much worthless rock they are going to have to mill to separate the good stuff from the dross.
RE: What they don’t tell us is how many millions , tens of millions, Hundreds of millions of tons of worthless rock they are going to have to move to just get to it
Sixteen tons and what do you get? 🎵
A handful of rupees but deeper in debt. 🎵
Oh, Yama don’t you call me ‘cause I can’t go. 🎵
‘Cause I owe my karma debt to the Company Store. 🎵
Remember Bre-X, aka the Bungle in the Jungle.
:-)
We've reached Peak Oil
Global Warming will kill us all
Every time the Catastrophist tell us the world is ending human ingenuity proves them wrong.
The asteroid 16 Psyche, located in the main asteroid belt between Mars and Jupiter, is a metal-rich object believed to contain massive amounts of iron, nickel, and precious metals like gold, potentially making it worth an astounding sum.
For oil, I think we should target more efficient engines, more hybrids. Electric has its uses for intra-city transport in Eurasia and also for buses
tons of blah, blah, blah in this article, but completely missing is the estimated cost of extracting these supposed gold “deposits” ... how economic, if at all, will it be to extract the supposed gold? ... after all, the oceans of the world contain 20 million tons of dissolved gold ... anyone want to go ocean gold mining? ... i’m selling really cheap ocean gold claims ...
Whoever wrote the article is way off on the value of 20 tons of gold.............
1 gram gold per ton of ore is considered high-grade...
Good. Maybe now so many of them won’t head here.
They can use the money to fix their sewage problem first.
20 metric tons of pure gold is worth today almost $2 billion USD ...
What were you using as a Price per Troy Oz?............
i just asked grok: “how much is 20 metric tons of pure gold worth today?”
“20 metric tons of pure gold equals 20,000 kilograms, or 20,000,000 grams.As of October 31, 2025, the spot price of gold is approximately $109 per gram.To calculate the value:
20,000,000 grams × $109 per gram = $2,180,000,000.Thus, 20 metric tons of pure gold is worth about $2.18 billion USD today.Explanation of calculation: Convert metric tons to grams: 1 metric ton = 1,000 kg = 1,000,000 g, so 20 × 1,000,000 = 20,000,000 g.
Multiply total grams by the current spot price per gram.
(Note: Spot prices fluctuate in real time; check a live source like APMEX or Kitco for the latest quote.)
“
$129.81 USD/g at 10:00................
$129.81 USD/g
wow! looks like grok was off quite a bit!
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