Goa has gold deposits worth Rs120,000-crore

Panaji, Goa: India could likely figure amongst the top gold producing nations of the world if the claims of a noted microbiologist are true. According to noted Goan microbiologist, Nandkumar Kamat, there are almost 6,000 metric tonne of secondary gold deposits, worth a staggering Rs120,000 crore lying just 60 metres below the ground in north Goa.

The deposits, claims Kamat, are biologically refined and almost 98% pure gold. These deposits apparently are spread over 40,000 hectares of land.

If correct then these deposits have the potential to change the fortunes of the country over the next five years.

Of course, the claim can only be confirmed through prospective digging by government agencies such as the Geological Survey of India.

Currently, India is ranked 51 amongst gold producing nations, with a produce of 2,362 kg (2.362 metric tonne) of gold per year. The entire gold reserve of India is a mere 200 metric tonnes.

South Africa, with 36,000 metric tons of gold reserve base and 6,000 metric tonnes of reserve, accounts for around 40-50% of the world reserves, according to the US Geological Survey. The remaining 50% of gold reserves are shared by 192 countries.

As per the 2007 US Geological Survey, China has become the largest producer of gold with an annual production of 290 metric tonne. The country also adds 800 metric tonne of reserves every year.