RAIPUR: Chhattisgarh on Friday night earned the distinction of auctioning its first gold mine in India with Vedanta Private Limited quoting the 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) to win the gold mine against three other bidders.The successful auction of gold mine of Baghmara at Sonakhan in Balodabazaar-Bhatapara district took place on February 26 for 13 hours from 11am to 11.47 pm when the final bid was stamped upon. It is the first gold mine auctioned in the country, for grant of composite license (prospecting license-cum-mining lease) since enforcement of new amendment in Mines and Minerals (Development and Regulation) Act 2015.The mine, with a reserve of 2700 kg, is expected to earn more than Rupees 81.40 crores to Chhattisgarh in addition to existing royalty of Rs 24.70 crores.Earlier, on February 18 successful auction of mining lease was granted for Karhi Chandi limestone block in Baloda Bazaar and on February 19 Kesla limestone block in Raipur district. Karhi Chandi limestone block also earned the distinction of becoming the first non-coal mining lease to be auctioned in India. Like previous two limestone auctions, Baghmara also saw aggressive bidding.Expressing pleasure over the move, Chhattisgarh chief minister and minister for mining Dr Raman Singh told TOI, "Chhattisgarh is blessed with mineral resources and mines, while it has been known for iron-ore, coal, bauxite and limestone, commencement of gold mine would be a huge attraction for industries and for revenue generation which would earn the state with new kind of development and name. The ease of business here is the uniqueness we offer that attracts industries to Chhattisgarh."Talking to TOI, Subodh Singh, state Secretary mines (IAS) said, "Baghmara gold mine will contribute towards India’s target to reduce gold import. State government notified auction of four limestone blocks and Baghmara gold mine on 8th December 2015. Among the four bidders for gold mine were Krishna Global Mineral Limited, Rungta Mines Limited, Sainik Mining and Allied Services Limited and Vedanta Limited, and after submission of over 160 bids, the latter one fixed it highest on 12.55 per cent of IBM price."With transparent method of allocation of mineral resources with less time of just four months it is the best age of doing business in state. Auction of this mine will enhance the gold, gems business and employment potential would also be generated from exploration and mining. Interestingly, the place's name itself is Sonakhan which indicate that ancient people were aware about existing gold mine there, Singh said.Baghmara mine has an area of 608 ha located in eastern part of Balodabazar-Bhatapara district, and is about 130 km northeast of Raipur. The gold deposit was previously explored between 1981 and 1990 by the directorate of Geology and Mining, of erstwhile state of Madhya Pradesh.Singh explained that the level of exploration undertaken so far falls under the G3 category as defined in the Minerals (Evidence of Mineral Contents) Rules, 2015 and therefore it was qualified to be auctioned as a composite license. Based on the exploration and available reports 2,700 kg of gold metal content was estimated. The winner of composite license will carry out detailed exploration to take the deposit to a G2 category as stipulated in the Minerals (Evidence of Mineral Contents) Rules, 2015.The other two limestone mines at Mohra East and Mangsa Pauni Khauna are in the queue this year for auction while next year Chhattisgarh plans more iron-ore, bauxite, limestone mines for auction.