Gold consumption in India has a long history. Every year common people buy thousands of tons of gold. To meet this vast demand, India has to import gold from outside. Soon, a big change can be seen, and gold production can start in the country. The country’s first private gold mine is expected to begin full-scale production soon.
Currently In Experimental Production
According to a report by news agency PTI, production in India’s first significant gold mine may start next year. The report quoted Hanuma Prasad, Managing Director of Deccan Gold Mines Limited, saying that full-scale production can begin in the Jonnagiri Gold Project by the end of next year, i.e., December 2024. Currently, the operation is going on an experimental basis.
This Much Gold Will Be Produced Annually
Prasad has said that once full-scale production starts in the Jonnagiri Gold Project, about 750 kg of gold will be produced yearly. So far, about Rs 200 crore has been invested in the mine; at present, about one kg of gold is being produced every month. Construction work in the mine is going on quickly, and Hanuma Prasad hopes that full-scale production will start by October-November next year.
The First and Only Listed Company
These gold mines are located in Tuggali Mandal in Kurnool district of Andhra Pradesh and are around Jonagiri, Erragudi and Pagadirai villages. This mine was approved in the year 2013. It took the company 8-10 years to discover gold there. Jonagiri Gold Mines is being developed by Geomysore Services India, where Deccan Gold Mines has about 40 per cent stake. Deccan Gold Mines Limited is the first and, so far, the only gold exploration company in the country that is listed on BSE.
Gold Mine In Kyrgyzstan, Too
Deccan Gold Mines Limited also has gold mines outside the country. Regarding this, MD Prasad said the company has a 60 per cent stake in the gold mine project in Kyrgyzstan. There also production will start by October-November next year. The Altyn Tor Gold Project in Kyrgyzstan is expected to produce 400 kg of gold annually.
