Chief Minister Inaugurates Jonnagiri Gold Project; Deccan Gold Sets Operations Targets in Andhra Pradesh
Deccan Gold Mines Limited has celebrated a significant milestone with the inauguration of its Jonnagiri Gold Project in Andhra Pradesh. The project was inaugurated by Chief Minister N Chandrababu Naidu, marking a key step in developing domestic gold resources for India.Dr Hanuma Prasad Modali, Managing Director of Deccan Gold, attended the event, representing the company and Geomysore Services (India) Pvt Ltd (GMSI), an associate company. The Chief Minister toured the project’s operations, which included the on-site gold refinery. Subsequently, he laid the foundation stone for the expansion of the processing plant.
During the ceremony, the Chief Minister felicitated Mr Charles Devenish, founder of GMSI and Deccan Gold. He emphasized that the project will be pivotal in ushering a new phase of economic growth to the Kurnool District while contributing significantly to national domestic gold production. The Chief Minister also announced the renaming of Jonnagiri village to Swarnagiri and committed GMSI support regarding future land acquisitions related to operations expansion.
Project Scope and Operational Capacity
The Jonnagiri Gold Project is designed for substantial throughput, with operational targets set both currently and post-expansion.| Operational Metric | Current Capacity | Post-Expansion Capacity |
|---|---|---|
| Ore Processing Rate | Approximately 1,000 tonnes per day | Approximately 2,500 tonnes per day |
| Annual Gold Production | 400 to 600 kg | Over 1 tonne |
The project’s infrastructure is designed to process ore through a state-of-the-art processing facility.
Strategic Importance of Domestic Minerals
Dr Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited, highlighted the strategic importance of Jonnagiri for India's mining sector. He stated that the achievement serves as a strong example of how responsible resource development can unlock long term value for both communities and the nation.In noting India's dependency on gold imports, Dr Modali added that projects like Jonnagiri demonstrate the critical need to develop domestic mineral resources. He extended congratulations to Geomysore Services and all involved stakeholders, expressing gratitude to local communities, farmers, and landowners for their trust throughout the project journey.
Deccan Gold Mines Ltd remains one of India's premier gold and critical mineral resource companies, holding a portfolio of assets across Andhra Pradesh, Kyrgyzstan, Chhattisgarh, Spain, Mozambique, Finland, and Tanzania. The company aims to be India's leading gold and critical minerals producer by setting high standards for ethical and responsible mining practices.
DECNGOLD Stock Price Movement
Deccan Gold Mines Limited shares today slipped by 2.78% to settle at ₹212.18 in post-market trading. The stock saw significant activity, with a total traded volume of 3.81 million shares for the day.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.
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