September 14, 2018

Hutti Gold Mines-Old 2017-17 Annual Report

OLD 2016-17 Annual Report

file:///C:/Documents%20and%20Settings/admin/My%20Documents/Downloads/53_Hatti_Annual_Report_Final.pdf

Around 1 : 19 % shares with Non Govt. shareholders 98 : :81 with Govt. / Govt shareholders

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History

 Re-discovery of the various gold fields in the Hutti belt by the Hyderabad (Deccan) Company took place in the closing years of last century after 1980 and a mine of considerable size was established at Hutti (then in Hyderabad State) between 1887 and 1920 when the Main Mine was developed by the Hutti (Nizams's) Gold Mines Co., an offshoot of the Hyderabad (Deccan) Company and mined upto 1056m. depths recovering 7.40 tonnes of gold from about 0.38 million tonnes of ore at an average grade of 19.48 g/t. A little development work was also done during this period on Oakley's & Village Reefs simultaneously. The mines were closed during 1920 as permit development and areas had been worked out and insufficient funds did not permit development and discovery of new reefs or extension of reefs then being worked, apart from difficulties faced from World War I during this period.
1887 - Gold Mining was undertaken by "Hyderabad (Deccan) Company" for the Nizam of Hyderabad.
1880 - 1920 Modern mining took place by M/s. John Taylor's and Sons. During the period between 1902 to 1918 only the Main Reef alone produced 3.8 lakhs tonnes of ore and yielded 7.41 tonnes of gold @ an
average grade of 19.45 g/t. and was mined upto 1052 m. depth.
1920 - Mine closed down due to paucity of materials, funds, and also attributable to World War I.
1938 - Detailed exploration by geological & geophysical surveys, diamond drilling and dewatering of the Village Reef mine were conducted, which resulted in rediscovery of Zone - I and Oakley's Reefs.
1947 - On 8th July 1947 "Hyderabad Gold Mines Company Limited" was incorporated and the mining operations were entrusted to John Taylor & Sons by the Nizam of Hyderabad.
1956 - It was renamed as "The Hutti Gold Mines Company Limited" (HGML) with the formation of Mysore State (now Karnataka) when the states were reorganized.
1966 - Indian Gold Control Act 1966 imposed severe restrictions on Gold trade and industry.
1971 - In its Silver Jubilee year, the capacity was tripled from 310 Tonnes per day (TPD) to 910 TPD.
1985 - The two loss making Copper Units "Chitradurga Copper Company" and "Karnataka Copper Consortium Limited" at Kalyadi were amalgamated with HGML. Thus the company's operations were extended to Copper mining and production of Copper Concentrate.
1992 - The Gold Control Act was repealed allowing free import of gold resulting in almost stabilization of Indian gold prices.
1996 - Introduction of Carbon-in-Pulp (CIP) technology in the Mill
1997 -In its "Golden Jubilee Year", HGML undertaken a comprehensive Modernization & Expansion programme to double it's production by increasing capacity at Hutti and conversion of Copper unit to Gold unit at Chitradurga.
1998-99 & 2002 - Phasewise Ball Mill addition
2002-04 - Introduction of large Agitators (11 m dia x 11.5 m height)
2005 - Improvement in the Sand stowing system, Detoxification plant, new high rate thickener and Carbon column
2005-10RP area exploration, Uti Gold Project and Hira-buddinni Gold Project development & expansion, Wind Mill expansion at CGU.
2010-12 SAG & Ball Mill of 100 TPH, IInd phase Mining.
2012 MOU with Karnataka State Bio fuel Development Board for establishing Bio-Fuel Park.
2013 The Mega Circular Shaft (6 m Dia, upto 940 m depth) sinking is started on 25.01.2013.
2014-15 50TPD two Ball mill. Decline Mining in Hutti North block

Source / credit
official website

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Business[edit]

HGML had an accumulated loss of ₹30 crores ($7.5 million) for the period 1995-2000 but made up this loss a bit by generating profits of ₹19 crores ($4.75 million) in the first nine months of 2001.[6] It went back into red in the year 2002-2003 and was on the verge of closure before it bounced back in the year 2004-2005 to post a profit of ₹48 crores ($12 million).
According to a preliminary audit for 2011-12, the company has achieved a gross profit of ₹551.13 crores before tax by selling gold and wind power generated from the Chitradurga wind plant. This is the biggest profit generated by the company in its history.[7]

Source / for more

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