Deccan Gold Mines Ltd Managing Director Hanuma Prasad stated that full-scale production of the country’s first significant private gold mine in Andhra Pradesh will begin by the end of next year.
The Jonnagiri gold project, which has already begun pilot-scale operations, will generate approximately 750 kilogrammes of gold per year once full-scale production begins, Prasad told PTI in an interview.
Deccan Gold Mines Ltd (DGML), the first and only gold exploration firm listed on the BSE, owns 40% of Geomysore Services India Limited, which is building India’s first private-sector gold mine in Jonnagiri.
The mine, which has so far received a total investment of roughly Rs 200 crore, currently produces about one kilogram of gold per month.
“Construction is underway in the Indian mine (Jonnagiri project). That will go into production next year, around October-November”, Prasad added.
The gold mine is located near the villages of Jonnagiri, Erragudi, and Pagadirayi in the Tuggali Mandalam of Andhra Pradesh’s Kurnool district.
“The mine was approved…in 2013. The exploration (of the project) took about 8-10 years”, Prasad added.
The managing director also stated that production from its other gold mining project in Kyrgyzstan, in which DGML owns a 60% stake, is expected to start in October or November 2024.
He went on to say, “The Altyn Tor Gold project will be producing around 400 kg gold per annum”.
DGML was founded in 2003 by promoters with extensive experience in the exploration and mining industries. For a long time, DGML has been active in gold exploration activities in India and abroad. DGML’s exploration in India, particularly in Karnataka, resulted in the finding of open pittable gold resources in the Dharwar Craton’s Archaean greenstone belts. These deposits are located in the Dharwar and Hutti belts.
DGML has begun merger and acquisition activities as part of its expansion and diversification strategy since 2021.
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