Latest news with #DeccanGoldMinesLimited
India.com
3 days ago
- Business
- India.com
India's first gold mine since independence to produce around 750 kgs of gold annually, expected to bring Rs 3500000000 in earning, it is located in…, name is…
India's first gold mine since independence to produce around 750 kgs of gold annually, expected to bring Rs 3500000000 in earning, it is located in..., name is For the first time since India's independence, a new gold mine is about to start operations in the country. This mine is located in Jonnagiri, a region in Kurnool district of Andhra Pradesh. It is expected to produce around 750 kilograms of gold every year. The company handling this project is Deccan Gold Mines Limited, which has now received approval from the Andhra Pradesh Pollution Control Board to begin mining. The mine will be run in partnership with another company called Geomysore Services (India) Pvt. Ltd. According to Hanuma Prasad Modali, the Managing Director of Deccan Gold Mines, the mine will produce around 400 kg of gold in the first year, and once it reaches full capacity, production will increase to 750 kg annually. He also shared that this is the first gold mine to be opened in India in the last 80 years. After the announcement, the share price of Deccan Gold Mines jumped by nearly 10 per cent on Thursday, showing strong market interest in the project. Estimated Earnings: Rs. 300 to Rs. 350 Crore Now that the Andhra Pradesh Pollution Control Board has given its final approval, Deccan Gold Mines can begin operating both the mine and the processing plant. However, the company has said that it will take a few more months before actual work starts, as trial runs need to be done before full-scale mining begins. The gold extracted from this mine will be sold to nearby refineries for processing. Speaking about the revenue, the company estimates that if they manage to extract 400 kilograms of gold in the first year, it could bring in Rs. 300 to Rs. 350 crore in earnings. This is based on an expected EBITDA margin of 60 per cent. The company believes that this level of revenue may be achieved by the financial year 2027. Shares soar after mining approval Once the news broke that Deccan Gold Mines had received permission to begin mining, its stock took off. The share price climbed to a 10-month high, closing at Rs. 163.70 on Thursday, a jump of 9.73 per cent for the day. Over the last year, Deccan Gold's shares have risen by around 60 per cent, and since the start of 2025, they've already gained 46.7 per cent.
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.
