Andhra Pradesh Chief Minister Inaugurates Jonnagiri Gold Project, Signals Milestone for India’s Mining Sector
India, June 24, 2026: Deccan Gold Mines Limited (BSE: 512068), identified as India's first and only listed gold and critical minerals resource company, announced that the Jonnagiri Gold Project in Andhra Pradesh was formally inaugurated by the Chief Minister of Andhra Pradesh, Shri N. Chandrababu Naidu. This event marks a significant advancement for the domestic gold mining industry in India.The inauguration ceremony saw attendance from Dr. Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited and Board Member of Geomysore Services (India) Pvt. Ltd. (GMSI), the project's developer and operator. During the function, the Chief Minister felicitated Mr. Charles Devenish, founder of GMSI and Deccan Gold, recognizing his role in advancing modern gold mining techniques in India.
The Chief Minister toured the mining facilities, including the on-site gold refinery, and laid the foundation stone for a subsequent phase of plant expansion. He emphasized the project's potential to boost economic growth within the Kurnool district, create employment opportunities, and contribute meaningfully to India’s domestic gold production. Additionally, he announced that the village name Jonnagiri would be changed to "Swarnagiri" and pledged support for future expansion endeavors.
The Jonnagiri Gold Project currently processes approximately 1,000 tonnes of ore per day and is projected to yield between 400-600 kilograms of gold annually. Upon completion of the planned capacity increase, processing output is expected to rise to around 2,500 tonnes per day, with annual gold production anticipated to exceed one tonne.
Commenting on the achievement, Dr. Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited, stated that Jonnagiri represents a landmark accomplishment for India's mining sector. He highlighted that projects like Jonnagiri underscore the strategic importance of developing domestic mineral resources, particularly while India maintains a high dependency on gold imports.
Dr. Modali also extended gratitude to Geomysore Services and all stakeholders involved in this success, thanking local communities, farmers, and landowners for their trust and support. He added that Deccan Gold's vision is focused on building a globally competitive gold and critical minerals sector that strengthens resource security and drives sustainable growth. Industry observers regard the Jonnagiri initiative as a pivotal milestone capable of stimulating further investment within India’s mining and exploration landscape.
Deccan Gold Mines Ltd., established in 2003, is India's first and only listed company focused on gold and critical minerals resources. The company maintains a diversified portfolio spanning assets across Andhra Pradesh, Kyrgyzstan, Chhattisgarh, Spain, Mozambique, Finland, and Tanzania, focusing on developing globally competitive mining assets while ensuring responsible resource stewardship.
DECNGOLD Stock Price Movement
Shares of Deccan Gold Mines Limited slipped today by 2.78%, settling at ₹212.18 after a decline of ₹6.06. The stock traded within an intraday range, reaching a high of ₹224.56 and finding support as low as ₹206.37 in the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.