Winning Bizness Sports Desk
Mumbai. A large amount of gold is now going to be produced in the country as the Deccan Gold Mines Limited is going to be operational soon in this private mine. Sources have confirmed that the first private gold mine in the country (India) will start by the end of next year and it will produce a large amount of gold. Deccan Gold Mines Ltd. is rapidly working on gold mines in Andhra Pradesh. Notably, Karnataka is the largest producer of gold in India. Kolar, Hutti and Ooty gold mines in the state of Karnataka produce the most gold. Apart from that, there are gold mines in parts of Andhra Pradesh and Jharkhand.
First private gold mine in the country
Gold is considered a very good option for investment in India. Though there are many gold mines in the country, but this one is the country's first large-scale private gold mine. This mine will be owned by Deccan Gold Mines Limited Company. Company's Managing Director Hanuma Prasad said that the country's first large gold mine in Andhra Pradesh will start full production by the end of next year. Jonnagiri Gold Project has been launched and pilot scale operation has already started in this project. After completion of pilot scale operation, this mine can produce about 750 kg of gold per annum.
Annual production of about 750 kg gold
According to the information given by Hanuma Prasad, so far around Rs 200 crore has been invested in this mine. Currently, about one kg of gold is being produced in this mine every month. Prasad expressed hope that the construction work in the mine is going on at a fast pace and the gold production will start at full capacity by October or November next year.
The first and only listed company in the country
The private gold mines of Deccan Gold Mines Limited Company is located in Tuggali Mandalam in Kurnool district of Andhra Pradesh. This mine was approved in 2013. It took the company about 8-10 years to find gold in this area. Jonnagiri Gold Mines is being developed by Geomisore Services India Limited, in which Deccan Gold Mines owns about 40 percent. Deccan Gold Mines Limited is the first and so far the only gold exploration company in the country to be listed on the BSE.