• Home
• /
• KT Network

Deccan Gold Mines posts significant growth and strategic expansions

This year, Deccan Gold Mines Limited has demonstrated its aim of tapping into lucrative gold mining assets and expanding its portfolio to include essential minerals like lithium, caesium, and tantalum

Deccan Gold Mines Limited (DGML), India's premier listed gold exploration and mining company, has reported a substantial increase in its operational and strategic footprint for the year 2024. The company has achieved progress in securing valuable mining assets across several international territories, including Kyrgyzstan, Tanzania, Zambia, and Finland.

Furthermore, DGML has made significant pathways into the critical minerals sector, which is becoming increasingly crucial on a global scale.

This year, DGML has demonstrated its aim of tapping into lucrative gold mining assets and expanding its portfolio to include essential minerals like lithium, caesium, and tantalum.

Deccan Gold Mines’ strategic expansion is evident through its diversification into critical minerals. The company has secured majority portions in the Alto Ligonha pegmatite belt in Mozambique, an area known for its rich deposits of lithium, caesium, and tantalum. This diversification resonates with global trends that emphasize the importance of critical minerals in the renewable energy sector.

The Jonnagiri Gold Project in India DGML ventured into gold mining within the country. With full-scale production expected by the end of 2024, this project is anticipated to boost local employment and contribute to India's gold reserves.

Similarly, the Altyn Tor Gold Project in Kyrgyzstan, with an estimated 6 tonnes of gold resources, is aimed at increasing the company’s gold output significantly.

In Mozambique, DGML, through its subsidiary Deccan Gold FZCO and in collaboration with the Magnifica Group, has planned the establishment of a small-scale processing plant with an initial capacity of 100 tons per day. This capacity is expected to scale up to 1,000 tons post-exploration, thereby positioning DGML in the lithium-caesium-tantalum (LCT) sector.

The company’s achievements include acquiring a 40 per cent stake in India’s first private gold mine, the Jonnagiri Gold Project, and a 60 per cent stake in the Altyn Tor Gold Project in Kyrgyzstan. Both projects are set to commence full-scale production by the end of 2024. DGML’s stock has soared over 150 per cent year-to-date, significantly outpacing India’s benchmark indices, including the Nifty 50.The growth of DGML's stock shows the market's confidence in the company’s potential and direction.

To support its projects, DGML has announced plans to raise $20 million through new equity shares. This financial strategy is aimed at ensuring robust funding for its exploration and mining projects. The investment is strategically aligned with India’s national imperatives, particularly in securing critical minerals essential for the country's transition to green energy.

Dr. Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited, has emphasized the importance of critical minerals in addressing global challenges. He believes that strategic investments in these minerals are crucial for tackling issues such as climate change, sustainability, and resource optimisation.

With the proliferation of clean energy technologies and the increasing adoption of Electric Vehicles (EVs), the demand for critical minerals is expected to surge, making DGML’s investments timely and significant.

DGML’s diversified portfolio positions it as a global leader in mining, with a vision of a sustainable future. The company’s strategic acquisitions and financial strategies reflect its advanced approach and dedication to utilising natural resources responsibly. This commitment aligns with global sustainability goals and projects DGML’s role in promoting economic growth while addressing environmental concerns.

Reflecting on India’s emergence as a global economic power, DGML’s achievements reflect the country’s increasing growth and technological advancements. DGML’s operations not only contribute to India’s economic development but also position the company as a key player in the global mining industry.

The growth and success of Deccan Gold Mines Limited represent a significant milestone in the Indian mining sector. As the company continues to expand its portfolio and secure critical mineral resources, it sets an example for other Indian companies to follow. DGML’s strategies and financial acumen provide a foundation for its continued success in the mining industry.

Deccan Gold Mines Limited has demonstrated remarkable growth and strategic foresight in 2024. With strong financial backing and a clear vision, DGML is well-prepared to continue its upward growth and make remarkable contributions to the global mining sector.