[India] Why do we keep hearing about "massive" mineral reserves and then nothing comes out of it?

[StraightEdge]

This has been a trend in India in recent years. We keep hearing so many breathtaking claims that we have found some massive reserves of minerals/gas, yet then nothing much happens.

Let's list few examples -

1. Year 2007: Gujarat government owned Gujarat State Petroleum Corp. (GSPC) claimed "biggest ever discovery of 20 trillion cubic feet (tcf) of natural gas".
Modi (then CM of Gujarat) claimed it has gas reserves of $50 billions in 2005.
What happened later? By 2013 this became 3.61 Trillion Cubic feet of gas.
By 2016, it was barely making any profit and had borrowed about 20,000 Crores.
Then later, this company which is apparently sitting on huge gas reserves is bought by cash-rich ONGC for 7,700 Crore.
How much gas is ONGC getting of of this? hardly anything that makes a dent.
I will even call this a scam.

2. Year 2020: Huge gold reserves of 3000 tons in UP's Sonbhadra: Gold Found In Sonbhadra (UP): 5 Times India's Current Deposit Found In UP (ndtv.com)
Later it was mentioned the gold deposit is only 160KG. Gold Deposit in Sonbhadra: Sonbhadra gold deposits: GSI says estimated gold reserve is 160 kg - The Economic Times (indiatimes.com)

3. Huge reserve of gold in Bihar - 222 million tonnes of gold.
Bihar to allow exploration of India’s ‘largest’ gold reserve in Jamui - The Hindu

I am almost sure that there's not even 1% of that gold in reality. Why does this keep happening? I am also certain that the latest lithium "reserves" is also not as big as they claim to be. I have made a comment in the thread below what I found.

In a first, Lithium reserve found in Jammu and Kashmir

This one is pretty big, I think something really is there. US will send its Energy Resources Secretary to India on 13th February. https://www.state.gov/assistant-secretary-pyatts-travel-to-india/ @indushek @StraightEdge @my2cents @Skull and Bones @kaykay @INDIAPOSITIVE @SeaMermaid @Indos...

defence.pk

 

[karmaa]

This has been a trend in India in recent years. We keep hearing so many breathtaking claims that we have found some massive reserves of minerals/gas, yet then nothing much happens.

Let's list few examples -

1. Year 2007: Gujarat government owned Gujarat State Petroleum Corp. (GSPC) claimed "biggest ever discovery of 20 trillion cubic feet (tcf) of natural gas".
Modi (then CM of Gujarat) claimed it has gas reserves of $50 billions in 2005.
What happened later? By 2013 this became 3.61 Trillion Cubic feet of gas.
By 2016, it was barely making any profit and had borrowed about 20,000 Crores.
Then later, this company which is apparently sitting on huge gas reserves is bought by cash-rich ONGC for 7,700 Crore.
How much gas is ONGC getting of of this? hardly anything that makes a dent.
I will even call this a scam.

2. Year 2020: Huge gold reserves of 3000 tons in UP's Sonbhadra: Gold Found In Sonbhadra (UP): 5 Times India's Current Deposit Found In UP (ndtv.com)
Later it was mentioned the gold deposit is only 160KG. Gold Deposit in Sonbhadra: Sonbhadra gold deposits: GSI says estimated gold reserve is 160 kg - The Economic Times (indiatimes.com)

3. Huge reserve of gold in Bihar - 222 million tonnes of gold.
Bihar to allow exploration of India’s ‘largest’ gold reserve in Jamui - The Hindu

I am almost sure that there's not even 1% of that gold in reality. Why does this keep happening? I am also certain that the latest lithium "reserves" is also not as big as they claim to be. I have made a comment in the thread below what I found.

In a first, Lithium reserve found in Jammu and Kashmir

This one is pretty big, I think something really is there. US will send its Energy Resources Secretary to India on 13th February. https://www.state.gov/assistant-secretary-pyatts-travel-to-india/ @indushek @StraightEdge @my2cents @Skull and Bones @kaykay @INDIAPOSITIVE @SeaMermaid @Indos...

defence.pk

this is in our habit , always in search of a sudden big fortune without doing anything . making big claims even on hint of some minerals , gas or oils .

 

[datafreak]

This has been a trend in India in recent years. We keep hearing so many breathtaking claims that we have found some massive reserves of minerals/gas, yet then nothing much happens.

Let's list few examples -

1. Year 2007: Gujarat government owned Gujarat State Petroleum Corp. (GSPC) claimed "biggest ever discovery of 20 trillion cubic feet (tcf) of natural gas".
Modi (then CM of Gujarat) claimed it has gas reserves of $50 billions in 2005.
What happened later? By 2013 this became 3.61 Trillion Cubic feet of gas.
By 2016, it was barely making any profit and had borrowed about 20,000 Crores.
Then later, this company which is apparently sitting on huge gas reserves is bought by cash-rich ONGC for 7,700 Crore.
How much gas is ONGC getting of of this? hardly anything that makes a dent.
I will even call this a scam.

2. Year 2020: Huge gold reserves of 3000 tons in UP's Sonbhadra: Gold Found In Sonbhadra (UP): 5 Times India's Current Deposit Found In UP (ndtv.com)
Later it was mentioned the gold deposit is only 160KG. Gold Deposit in Sonbhadra: Sonbhadra gold deposits: GSI says estimated gold reserve is 160 kg - The Economic Times (indiatimes.com)

3. Huge reserve of gold in Bihar - 222 million tonnes of gold.
Bihar to allow exploration of India’s ‘largest’ gold reserve in Jamui - The Hindu

I am almost sure that there's not even 1% of that gold in reality. Why does this keep happening? I am also certain that the latest lithium "reserves" is also not as big as they claim to be. I have made a comment in the thread below what I found.

In a first, Lithium reserve found in Jammu and Kashmir

This one is pretty big, I think something really is there. US will send its Energy Resources Secretary to India on 13th February. https://www.state.gov/assistant-secretary-pyatts-travel-to-india/ @indushek @StraightEdge @my2cents @Skull and Bones @kaykay @INDIAPOSITIVE @SeaMermaid @Indos...

defence.pk

a) The gas reserves are there- why do I know? Because Reliance (Anil) was desperately trying to get it
b) Gold- can't say but Lithium, there is now intimation that the reserves were notified almost 26 years ago but bureaucrats sat on it- so let's wait and watch

 

[nahtanbob]

1. Either the reserves exist or do not exist

2. second are the reserves extractable technically and economically ?

3. if it is economical what is the price point ?

Ignoring the above three natural resource extraction is a tough business with all the volatility in commodity prices. Add to it the corrupt political system in India you have a tough time as a businessman

 

[INS_Vikrant]

1. Either the reserves exist or do not exist

2. second are the reserves extractable technically and economically ?

3. if it is economical what is the price point ?

Ignoring the above three natural resource extraction is a tough business with all the volatility in commodity prices. Add to it the corrupt political system in India you have a tough time as a businessman

You missed one point: Environmentalists, NGOs etc

 

[nahtanbob]

You missed one point: Environmentalists, NGOs etc

Points 2 & 3 cover the environment. the mining companies should factor in environmental cleanups in their mining cost. It might be fashionable to bash the environmentalist crowd. you are a crowded country. you need every bit of land to be liveable