Gold Price Could Restart India's Kolar Mine
Source: Reuters, Jo Winterbottom (9/19/11)
"Gold's meteoric rise has intensified the allure of reopening one of the world's oldest and deepest mines."
Richard Johnson has a glittering dream he hopes India's dilatory government won't thwart. The 60-year-old mining engineer wants to restart gold production at Kolar, site of one of the world's deepest mines in the heart of gold-fevered India.
The Kolar Gold Fields in Karnataka are just a two hour drive from India's IT city Bangalore and were shut a decade ago when it cost nearly 20,000 rupees (about $430) to produce 10 grams of gold there and the selling price was about 4,500 rupees ($95). . .View full article