India can produce 100 tons of Gold per year: Assocham's Gold Summit
MUMBAI (Scrap Register): India has the capacity to produce over 100 tons of gold per year to better satisfy the country's enormous demand for the precious metal which is mostly met by imports, a foreign expert said.
Addressing Assocham's 11th International Gold Summit, the Managing Director of Galaxy Gold Mines of Australia, Nick Spencer, said that such an increase in domestic production from the current level of just over 1 ton per annum would go some way towards satisfying India's hunger for the yellow metal.
"India currently produces 1 to 1.5 tons of gold per year from just one working field in the country while it consumes 900 tons per annum," Spencer said.
"The country can ramp up capacity to produce between 100-200 tons of gold in a year which could come out of around 20 mines.
"To scale up mining to these levels would require investment of around $1-1.5 billion and it would provide employment to between 50,000 to 1,00,000 people," he added.
According to the World Gold Council, despite a history of gold mining, India's current production levels are very low and it produced less than 2 tons in 2016.