Vedanta Ltd won the auction for Baghmara (Sonakhan) gold mine with its highest bid of 12.55 per cent of IBM (Indian Bureau of Mining) price of Rupees 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, 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.