New gold mines have been found in three districts of Deogarh, Mayurbhanj, and Keonjhar in India's Odisha state.
The new deposits come in addition to India's three existing gold reserves, including Hutti and Uti mines located in Karnataka state, and the Hirabuddini mines in Jharkhand state.
Odisha's Minister for Steel and Mines Prafulla Chandra Mallik told the State Assembly that during a survey carried out by the Directorate of Mines and Geological Survey of India (GSI), gold had been found across different locations of the three aforementioned districts.
In Deogarh, the precious metal reserve has been found in Adas, while in Keonjhar district, the presence of gold metals has been discovered in places like Gopur, Gazipur, Kusakala, Adal and Saleikana, Dimirimundaand Karadanga of Telkoi block.
In Mayurbhanj, the gold reserves have been spread across Jashipur, Saraguda, Ruansi, Idelkucha, Badampahar, and Suleipat (Dhusura hill) regions.
India’s gold consumption is at around 774 tons a year, while its production sits at about 1.6 tons annually.
To meet its demands, India gets more than 90 percent of its gold through imports.
However, as gold prices skyrocket in India, the country's yellow metal imports dropped to 706 tons in 2022 from 1,068 tons in 2021.
Last year, a report by the World Gold Council stated that India could increase its gold production to 20 tons annually in the long run through improvements in mining infrastructure, as well as regulatory reforms. The NITI Aayog, India's apex public policy think tank, conducted an extensive study last year in order to identify potential gold mines in the country.