New Delhi: India’s first large private gold mine in Andhra Pradesh is likely to start its full-scale production very soon, a top official of Deccan Gold Mines Ltd said on Thursday.
The development assumes significance as India currently imports around 1,000 tonnes of gold every year. The country is the largest importer of gold after oil.
Deccan Gold Mines Ltd (DGML), the first and only gold exploration company listed on BSE, has a stake in Geomysore Services India Ltd, which is developing the first private sector gold mine at Jonnagiri, in Andhra Pradesh.
The mine, in which a total investment of about Rs 200 crore has been made so far, is producing about one kg of gold per month at present.
“In the Indian mine (Jonnagiri project) the construction is going on. By next year, around October-November, that will come into production,” Prasad said.
The gold mine is located near Jonnagiri, Erragudi, and Pagadirayi villages within the Tuggali Mandalam in the Kurnool district of Andhra Pradesh.
“The mine was granted…in 2013. It took about 8-10 years to complete exploration (of the project),” Prasad explained.
The managing director further said that production from its other gold mining project in Kyrgyzstan, in which DGML has 60 per cent stake, is likely to begin in either October or November of 2024.
“The Altyn Tor Gold project will be producing around 400 kg of gold per annum,” he added.
DGML was established in 2003 by promoters with deep roots in the exploration and mining sector. DGML has been involved in gold exploration activities in India and overseas. DGML’s exploration in India, particularly in Karnataka, led to the discovery of open-pitable gold deposits in the Archaean greenstone belts of Dharwar Craton. These deposits are in the Hutti and Dharwar – Shimoga belts.
Since 2021, as part of expansion and diversification, DGML has initiated merger and acquisition activities.
