Deccan Gold Mines Ltd. is poised to make history by commencing operations at India’s first operational gold mine since independence, located at Jonnagiri in Andhra Pradesh. The company, through its associate Geomysore Services (India) Pvt. Ltd., has secured the necessary environmental clearance from the Andhra Pradesh Pollution Control Board to begin mining.
According to Hanuma Prasad Modali, Managing Director of Deccan Gold Mines, the project will start producing 400 kg of gold annually beginning in the next fiscal year, with peak production expected to reach 750 kg. This milestone marks a significant development for the Indian mining sector, which has long relied on gold imports to meet domestic demand.
The project not only aims to boost local employment and infrastructure in the region but also positions India to reduce its dependency on imported gold, improving its mineral self-reliance. The company’s stock surged following the announcement, reflecting investor optimism.
