Citigold planning a JV in India

"...The planned joint venture will be controlled by an Indian company with Citigold holding minority interests, he said. Citigold has confirmed gold deposits of 311,000 kg and is also looking to supply gold from its mines in Australia for refining in India, he said. "India is attractive because it consumes around 740 tonnes of gold annually, out of which only three tonnes are produced locally," he said. India consumes a fifth of the world's gold output. Jewellery accounts for 80 percent of Indian sales, much of it handmade and fashioned in small workshops, often using mouth blowpipes and candle or oil flames..."

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Courtesy - reuters.com