Australian firm sets shop in Bangalore

Deccan Herald, 21 November 2002 :

Perth-based Australian Indian Resources Pty Ltd (AIR), involved in investing in mineral exploration and mining in India, is keen on providing financial and technical backing to small and medium scale mines for exporation/ mining, Chairman Charles Devenish has said.
Speaking on the occasion of opening their wholly-owned Indian subsidiary GeoMysore Services (India) Pvt. Ltd., in Bangalore, he said it was economical to fund and run mines in India, whose economies of scale was different from that of Australia, due to lower costs of doing so.
It is not high-tech, but India’s rich minerals resource in the ground which can drive its economy the next century, he said.
India is in a unique position given its people’s addiction to buying gold whose purchase was at 625 tonnes last year valued at US $7 billion, he pointed out. He, however, refused to divulge the extent of their investments so far in India.
AIR has secured two prospecting licenses, one over 220 block near Kolar Gold Field and another 105 sq. km block covering highly promising targets in southern extension of KGF in Karnataka.
Minister for Mines & Geology V Muniyappa, said the State was looking for more collaboration with Western Australian mining companies for prospecting and mining in Karnataka.
He said following the State Mining Policy, except for Western Ghat belt due to environmental concerns, the State had opened up all other parts for mining by private players.