Deccan Gold Mines Stock Price Up By More Than 9% Today After Approval For Operating Jonnagiri Gold Mine

The shares of Deccan Gold Mines Limited surged by more than 14% as the company got a nod from the Andhra Pradesh Pollution Control Board to operate Jonnagiri mines. This is the first approved gold mine in the country since independence, and the estimated annual output shall be close to 400 kilograms.

Geomysore Services (India) Pvt. Ltd., an associate of Deccan Gold Mines, will execute the project.

According to the company’s Managing Director, Hanuma Prasad Modali, the mine can produce up to 750 kilograms of gold annually at its peak. However, the company expects to begin producing 400 kilograms of gold starting next fiscal year.

The announcement has sparked significant investor interest, reflected in the sharp uptick in share price and high trading volumes. The stock has reached a 10-month high after these announcements. This is a critical moment for the country’s mining sector, and Deccan Gold Mines stands at the forefront of the nation’s domestic gold production capabilities. In fiscal year 2024, India imported 1,067.72 tonnes of gold.

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