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India.com
a day ago
- Business
- India.com
India to get super rich! Massive gold deposit discovered in..., to produce gold as much as ..
India doesn't have a lot of gold reserves underground, which is why gold is not found here in large amounts like in some other countries. But recently, a major gold deposit has been discovered in India. For the first time since independence, a new gold mine is about to begin operations. This mine is located in the Jonnagiri area of Kurnool district in Andhra Pradesh. A company called Deccan Gold Mines Limited is handling the project and is preparing to start work soon. The Jonnagiri Gold Project is set to become India's first large private gold mine and is expected to produce around 750 kilograms of gold every year. In the first year, it will produce about 400 kilograms, and then gradually increase to full capacity. Interestingly, this will be the first gold mine to start in India in 80 years. So far, Deccan Gold Mines Limited has invested nearly Rs. 200 crore in this project. Another company, Geomysore Services India Limited, owns 40 per cent of Deccan Gold and is helping develop the mine. Together, they are working to make this India's first private gold mining operation. The Andhra Pradesh Pollution Control Board has already given environmental clearance for the mine and processing plant. Before starting full-scale mining, the company will run trial operations for a few months to make sure everything works smoothly. The gold extracted from this mine will be sold to nearby refineries. The company expects that by extracting 400 kilograms of gold in the first year, it could earn between Rs. 300 to Rs. 350 crore, with a profit margin of about 60 per cent EBITDA. They aim to achieve this financial target by the year 2027. After the news that mining permission was granted, the share price of Deccan Gold Mines saw a big jump. On Thursday, the stock closed at Rs. 163.70, rising by 9.73 per cent, which is its highest price in 10 months. In the past one year, Deccan Gold Mines' stock has gone up by around 60 per cent, and since the beginning of 2025, it has grown by about 46.7 per cent. Investors are gaining confidence in the success of the Jonnagiri gold project. This project is expected to extract 6.8 tonnes of gold using an open-pit method. Geomysore, the partner company, has already done deep drilling and surveys in both the eastern and western blocks. With further drilling, the gold estimate might increase to 14 tonnes, which could help the mine run for up to 15 years. The project has received all the required government approvals, like CFE (Consent for Establishment), CFO (Consent for Operation), and Environmental Clearance. The mining plan was approved back in 2008 by the Indian Bureau of Mines. The environmental clearance is valid till 2043, which means the mine can operate for a long time. This gold mine is expected to give a boost to the Indian economy and create new job opportunities for local people. The Jonnagiri project will start with a capacity to process 1,000 tonnes of ore per day, which may later be increased to 2,000 tonnes per day. This is a big step toward helping India become more self-reliant in gold production.
Business Upturn
24-04-2025
- Business
- Business Upturn
Deccan Gold Mines begins work on Bhalukona-Jamnidih Nickel, Chromium, and PGE block in Chhattisgarh
By Aditya Bhagchandani Published on April 24, 2025, 13:13 IST Deccan Gold Mines Limited, India's only listed strategic and critical mineral resource company, has announced the commencement of exploration activities over its Bhalukona-Jamnidih composite licence block in Chhattisgarh. The site holds potential for nickel, chromium, and platinum group elements (PGE), marking a strategic step in securing India's mineral independence under the vision of Atmanirbhar Bharat. The company received its work permit on April 9, 2025, and has since started key groundwork. These include demarcation of the composite licence boundary via DGPS survey, notifying local panchayat leaders, and setting up survey controls for an advanced drone magnetic geophysical survey. Consent from landowners for trenching and drilling will follow based on the delineation of mineralized zones. Managing Director Dr. Hanuma Prasad Modali expressed optimism about the project's scientific approach. 'We are excited to apply the latest geophysics to identify potential mineralized zones,' he said. 'Support from local communities and fast mobilization by consultants has been encouraging.' The next phases will involve more detailed geophysical analysis, geological mapping, and soil geochemistry studies, with Deccan Gold promising timely updates for its ~40,000 shareholders. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
