Introduction
BGML is a PSU under the administrative control of the Ministry of Mines and is now closed. It was set up in 1972 to operate the Kolar Gold Mines taken over by the central government from the government of Mysore. It was primarily engaged in gold mining from its captive mines in the Kolar Gold Fields (KGF) located mainly in Karnataka but partly also in Andhra Pradesh. Towards its last years the company also undertook mine development, shaft sinking, manufacture of mining machinery and other fabricated items for outside clients for which it set up a Mine Construction and Engineering Division. Until the time of its closure, BGML was the only world-class gold mining operation in India. The only other gold mine in the country, viz. the Hutti Gold Mine owned by the Karnataka government, is a minuscule operation and is not recognized as a proper gold mine by world standards. During its heyday, BGML's Kolar Gold Mines added to the glory of India as one of the great gold mining operations of the world and Kolar was known as the largest gold production centre in Asia (Ore & Industry in the Far East by H. Foster Bain - NY Times Review, 1927)
The Kolar Gold Mines of BGML were closed down in the year 2001 as the gold ore reserves got exhausted after 150 years of continuous and heavy extraction. Both the exploration agencies of government viz. the Geological Survey of India (GSI) and the Mineral Exploration Corporation Limited (MECL) declared that mining the meagre remaining reserves was not a technically or economically viable option. At the time of its closure BGML had run up losses of more than Rs. 900 crore.
Read more about this topic: Bharat Gold Mines Limited
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