BUCKINGHAMSHIRE County Council is sitting on a £15 million gold mine in the shape of 3.36 million tonnes of gravel.

The gravel is on 142 acres owned by the council south of the M40 near Denham and let to tenants.

It is named in the county minerals plan as a site where gravel working will be allowed but the council cannot get its hands on the money before 2006, because that is the first date when the inspector who held the public inquiry into the minerals plan said work could start.

Some say it is a pity, because the council would like some of the cash to put towards the £8 million capital its resources department says it needs over the next four years to improve its IT systems.

The county council is so far only setting aside £4 million. The Government says the council must be able to deliver all its services electronically by 2005.

Twelve firms have bid for the contract to dig out the gravel. The county council is about to sign a deal with one, which will bring it £250,000 to start with and thena set amount per tonne of gravel worked until it's all gone in about ten years.

This could bring in about £1.5 million a year. The gravel pits will then become recreational lakes.

When the county council's cabinet members met on Monday to talk about improving their information technology systems, they would not agree to spend the extra £1 million capital every year for four years needed to bring in £8 million. The money will have to be bid for each year.

The £4 million that has been agreed will come from selling off property.