indian media releases , page-5

heres one of the articles....With prices of the yellow metal skyrocketing much so often, the State-owned Hutti Gold Mines Company Ltd (HGML), the only gold extraction company in the country, has set a target of producing 2,578 kg gold in 2009-10, with an average 4.11 gram of gold per tonne of ore. The company has produced 2420.33 kg gold in 2008-09.

It has also decided to invest Rs 352.11 crore in the next five yeas on various expansion plans by mobilising its internal surplus. The company has reserves and surplus of Rs 361.33 crore in 2008-09.

The company is planning to enter joint ventures with National Mineral Development Corporation, Indo-Australian Company, Australian firm Cluff, and Deccan Mines to commence mining in districts such as Davangere, Tumkur, Gulbarga, Chitrdurga Shimoga and Dharwad where gold minerals are found. The estimated investment required to commence mining in these districts would be Rs. 600 crore.

Awaiting nod

Officials said the company is awaiting a green signal from the State Government. The proposals on joint ventures have been pending with the Government.

The company, which is producing seven to eight kg of gold daily, has set a net profit target of Rs 98.21 crore in the current fiscal year against Rs 93.05 crore in 2008-09. The total turnover in 2009-10 is expected to reach Rs 319.78 crore against Rs 316.02 crore in the previous year........
looks prety good they have been working on India for over 30 years patience pays off...