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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence POLITICAL ECONOMY | PART 1: THE TELECOM TEST The Sangh’s Costliest Blunder: Keeping Narendra Modi in the Chair After Demonetisation and a Trail of U-Turns Two private giants, one state-propped survivor, roughly ₹3.22 lakh crore in announced BSNL revival and support packages (spectrum allocation included), and ₹1.41 lakh crore of AGR dues still on the books: telecom shows what happens when one man’s brand becomes the party’s only policy. This is an argument against Narendra Modi, not against the BJP. SYNOPSIS India’s telecom market has narrowed from a messy but real plurality into two dominant private networks, one weak private survivor kept alive by government equity, and a public operator that has needed about ₹3.22 lakh crore in announced support packages and spectrum allocations, not all of it cash. The 2010 spectrum auctions that started the debt spiral were a UPA-era event, and we say so plainly. But a ...
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Vedanta wins Chhattisgarh gold mine in India's first-ever auction
Feb 28, 2016: Raipur: The first-ever auction of a gold mine in the country was held in Chhattisgarh on Sunday, Vedanta Ltd won the auction for Baghmara (Sonakhan) gold mine with its highest bid of 12.55 percent of IBM (Indian Bureau of Mining) price of Rs 74,712/ troy ounce (1 troy ounce = 31.10 gram), official sources said.
The production from the Baghmara mine can reduce the gold imports into the country that cost it $36 billion last year, the state mines department officials said.
This was the first time a composite license for gold mining was given in the country, officials added.
The mine is situated in Balodabazaar-Bhatapara district of Chhattisgarh, 130 km north-east of the state capital Raipur.
Vedanta, a unit of London-listed Vedanta Resources Plc, beat three other bidders in the auction of the Baghmara mine in Chhattisgarh, said the head of the state's Directorate of Geology and Mining, Reena Kangale, adding she expected mining for potential reserves of about 2,700 kilograms to begin in two years.
A troy ounce is equivalent of 31.10 grams.
In a statement, Vedanta said the block measuring 6.08 square kilometres required extensive exploration and that the process will commence in "due course".
India's insatiable appetite for gold has already prompted the government to raise import duties and launch a scheme aimed at mobilising a pool of over 20,000 tonnes of the metal lying idle in homes and temples.
Still the government has failed to curb imports by the world's second-biggest consumer, where gold is regarded as the highest form of gift for gods and humans alike.
The absence of local production has scuppered efforts further.
Federal Mines Secretary Balvinder Kumar last week told Reuters the government planned to auction at least three gold mines in 2016.
Source: First Post

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