Singareni Secures Gold and Copper Exploration License in Karnataka

Singareni Collieries Company Limited (SCCL) has acquired an exploration license for gold and copper in Karnataka, after winning an auction. SCCL is set to begin exploration activities which align with Telangana's vision to expand its sector reach. A report will be submitted after exploration for commercial mining auction.

Singareni Collieries Company Limited (SCCL), a state-owned enterprise, has successfully secured an exploration license for gold and copper blocks in Devadurga, Karnataka. The license was obtained through an auction conducted by the Union Ministry of Mines, with SCCL quoting a 37.75 percent royalty in their bid.

The announcement of this accomplishment was made by N Balram, SCCL's Chairman and Managing Director, who hailed it as a historic milestone for the company's venture into critical mineral exploration. This initiative marks an alignment with the Telangana government's strategic vision to broaden SCCL's operational sectors.

Exploration activities are projected to conclude within five years, and once completed, a comprehensive report will be submitted to the central government. The subsequent auction for commercial mining rights will require the mining company to pay royalty, of which 37.75 percent is allocated to SCCL. The exploration is budgeted at Rs 90 crore, with a Rs 20 crore subsidy provided by the union government.