Hutti Gold Mines Limited
Hutti Gold Mines Limited (
Executive
The Company's Corporate Office is located in Bengaluru.
Mining
The mines managed by HGML are mainly located in the Hutti-Muski
- Hutti Gold Unit: This consists of HGML's main mine located at Hutti and the satellite mines- Uti and Hirabuddini, all of which are located in the open-cast minewhile Hirabuddini is an exploratory mine.
- Chitradurga Gold Unit: This consists of an open-cast mine located in Ajjanahalli in Tumkur district and an exploratory underground mine at G. R. Halli in Chitradurga district.[3]
These mines in total produce about 3 tonnes of gold a year.[1] With the closure of the Bharat Gold Mines Limited which had operations at Kolar Gold Fields in Karnataka and at Chittoor district in Andhra Pradesh, HGML is one of the only two companies in India that produce gold by mining.[4][5] It has gold ore reserves of about 31.02 million tonnes which could last for about 60 years and yield about 150.4 tonnes of gold.
Extraction of gold
The process of
Exploration and expansion
The company may expand in the future.[6] [7] [8]
Business
HGML had an accumulated loss of ₹ 30 crores ($7.5 million) for the period 1995-2000 but made up this loss a bit by generating profits of ₹ 19 crores ($4.75 million) in the first nine months of 2001.[9] It went back into red in the year 2002-2003 and was on the verge of closure before it bounced back in the year 2004-2005 to post a profit of ₹ 48crores ($12 million).
According to a preliminary audit for 2011-12, the company has achieved a gross profit of ₹ 551.13 crores before tax by selling gold and wind power generated from the Chitradurga wind plant. This is the biggest profit generated by the company in its history.[10]
Notes
- ^ a b c "Biotechnology in gold extraction". Online Edition of the Hindu, dated 2002-02-21. 2002, The Hindu. Archived from the original on 20 December 2002. Retrieved 2 August 2007.
{{cite web}}
: CS1 maint: unfit URL (link) - ^ "HGML Gold Mines". Online webpage of the Press Information Bureau. Government of India. Retrieved 2 August 2007.
- ^ "Hutti Gold Mines becomes member of World Gold Council". Online Edition of The Hindu, dated 2002-01-17. The Hindu. Archived from the original on 27 April 2002. Retrieved 1 August 2007.
{{cite web}}
: CS1 maint: unfit URL (link) - ^ "Gold Production during April-September, 2006". Online webpage of the Press Information Bureau. Government of India. Retrieved 1 August 2007.
- ^ "Ministry of Mines". Online webpage of the Department of Mines. Government of India. Archived from the original on 23 August 2007. Retrieved 1 August 2007.
- ^ "Hutti mines to revive gold hunt". Deccan Herald. 16 September 2014. Retrieved 30 April 2023.
- ^ "Will it be gold rush again in Karnataka after Mines Act modification?". The New Indian Express. 29 March 2021. Retrieved 30 April 2023.
- ^ "Gold ore mining on 100 acres near Sira soon". Deccan Herald. 20 December 2014. Retrieved 30 April 2023.
- ^ "Hutti Gold Mines to upgrade milling plant". Online Edition of the Hindu, dated 2002-01-18. 2002, The Hindu. Retrieved 2 August 2007.
- ^ Hutti gold mines records net profit of Rs. 188 cr