Snowline intercepts more gold beyond resource edge at Valley
The latest assays “upgrade our confidence in the initial mineral resource estimate," Snowline's CEO says.
Indian jewellery billionaire, Rajesh Mehta, is said to looking for Australian gold assets as several miners are in the process of shedding non-core operations to survive the current squeeze on the industry.
According to Financial Review, the tycoon said his company is ready to spend up to US$700 million on growing its presence Down Under, with mines being the primary focus.
Bangalore-based Rajesh Exports, India’s biggest jewellery maker, is already setting up a subsidiary in Melbourne, which will drive the hunt for stakes in the local gold sector, Mehta said.
Earlier this year, the company announced it would create a new division for offering gold loans. If it goes ahead Rajesh Exports would become the first large jewellery firm to provide bullion-backed loans in India.
Image by Cornfield | Shutterstock.com
3 Comments
The Observer
Great, more Indians running our mines, Safety, as in China is not a word that exists, so more deaths, to follow.
Goldenfriendship
GOLDENFRIENDSHIP – Welcome aboard Mr Mehta (RAJESH EXPORTS LTD) gold found in Victoria as stated by the (Government records through Energy and Earth Resources Victoria) are over 2,400 tonnes of gold; however other reports state hundreds of tonnes of gold have never been recorded – most of this gold was got by “SMALL SCALE MINING” Mr Mehta is offering “SEED CAPITAL LOANS” to those “BONI FIDE” gold miners who have mines that are able to produce gold! It is very unfortunate to see the comments below when gold mining in Victoria is at such a low ebb! It is like the comments that mankind is destroying the planet – the planet is now GREENER THAN A DECADE AGO! Google: The Earth is actually greener today than it was a decade ago or Earth greening despite deforestation! TEEM P/L – Graham Ashworth
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