Coal news and updates

SCCL to venture into gold, copper mining

Singareni Collieries Company Limited (SCCL) has secured exploration license for gold and copper blocks in Devadurga, Karnataka, through the auction conducted by the Ministry of Mines, according to an official release.

SCCL emerged as the L-1 bidder by quoting 37.75 percent royalty in the online auction. Singareni’s Exploration Division will soon commence research in the Devadurga region of Karnataka, where gold and copper deposits are located, the release said.

After completing various stages of exploration, SCCL must submit the final results to the central government in the form of a report. The Centre will then put these mines up for auction for commercial mining.

The company that secures the mining rights, be it SCCL or another firm, will have to pay royalty to the Karnataka government, of which 37.75 percent will go to SCCL throughout the life of the mine.