Business

First Private Gold Mine In India To Commence Full-Scale Production By The End Of Next Year

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.

Also read: Israel Counterattacks By Firing Artillery At Lebanon As Hezbollah Supports Hamas

Spriha Rai

Recent Posts

Delhi HC Rejects Khalid Saifi’s Plea To End Attempted Murder Case In 2020 Riots

The Delhi Police opposed Saifi’s bail, citing evidence from WhatsApp messages exchanged among the accused.…

23 mins ago

Maha Kumbh 2025: Uttar Pradesh Enhances Security With Face Recognition Cameras

To protect millions of devotees at Maha Kumbh, the UP govt is implementing advanced security…

30 mins ago

SBI CME Soldierathon Set To Honour Indian Army’s Brave Soldiers On 244th Sappers Day At CME Pune

This landmark event, organized at the historic Military Institute, will honor the sacrifices of the…

41 mins ago

SC Seeks Responses In Mathura Krishna Janmabhoomi-Idgah Dispute, Grants Two Weeks To All Parties

The Supreme Court has also paused the Allahabad High Court’s order for a survey of…

53 mins ago

Yogi Government Launches Massive Green Initiative For Maha Kumbh 2025

The Yogi Adityanath administration has launched a tree-planting campaign to make Prayagraj environmentally sustainable for…

1 hour ago

BJP MLA Rajeshwar Singh Calls On Akhilesh Yadav To Act As Positive Opposition In UP DGP Debate

Singh noted that, over seven years, police encounters have killed 197 criminals and injured 6,329.…

1 hour ago