- Stock outperforms India's benchmark indices; rises over 150% year-to-date
- Deccan has secured mining assets in Kyrgyzstan, Tanzania, Zambia, and Finland
- Jonnagiri Project: Acquired 40% stake in India's first private gold mine, with full-scale production by end of 2024
- Kyrgyzstan Stake: Holds 60% in the Altyn Tor Gold project, set to start full production by 2024
- Critical Minerals: Invested in Mozambique's Alto Ligonha pegmatite belt for lithium-caesium-tantalum (LCT) resources
- Financial Strategy: Plans to raise USD 20 million for exploration and mining projects
DUBAI, UAE, May 28, 2024 /PRNewswire/ -- Deccan Gold Mines Limited (DGML), India's only listed gold exploration and mining company (BSE: DECNGOLD) (BSE: 512068) (ISIN: INE945F01025) has experienced a remarkable surge in its stock price, soaring over 150% year-to-date, and significantly outperforming India's benchmark indices.
This growth underscores the company's strategic agility and its commitment to tapping into lucrative gold mining assets and critical minerals globally.
Strategic Expansion and Diversification
Deccan Gold Mines has demonstrated exceptional foresight and agility in its operations. The company has ventured into various international territories, securing mining assets in Kyrgyzstan, Tanzania, Zambia, and Finland. Additionally, Deccan has diversified its portfolio by foraying into the critical minerals sector, recognizing the growing importance of these resources in the global market.
Key Projects and Investments
Jonnagiri Gold Project, India: Deccan acquired a 40% stake in the Jonnagiri project, India's first private gold mine, with full-scale production expected by the end of 2024.
Altyn Tor Gold Project, Kyrgyzstan: Holding a 60% stake, Deccan anticipates the commencement of full-fledged production by 2024, with an estimated 6 tonnes of gold resources.
Alto Ligonha Pegmatite Belt, Mozambique: Through its subsidiary, Deccan Gold FZCO, and in collaboration with the Magnifica Group, Deccan has acquired majority stakes in lithium-caesium-tantalum (LCT) pegmatite concessions. A small-scale processing plant with a capacity of 100 tons per day is planned, scaling up to 1,000 tons post-exploration.
Financial Commitment
Deccan is poised to raise USD 20 million through new equity shares, ensuring robust financial backing for its exploration and mining projects. This strategic investment aligns with India's national imperatives, particularly in securing critical minerals essential for the country's green energy transition.
Leadership Vision
Dr. Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Limited, emphasizes the importance of critical minerals in addressing global challenges:
He believes that critical minerals are pivotal to addressing climate change, sustainability, and resource optimization. Especially, as innovative clean energy technologies proliferate, Electric Vehicle (EV) adoption increases, and circular economy principles become integral to material sciences, strategic investments in these minerals are crucial.
Deccan's diversified portfolio not only positions it as a global leader in mining but also underscores its commitment to contributing to a sustainable future, he believes.
Reflecting India's Economic Emergence
Deccan Gold Mines mirrors India's emergence as a global economic power. With its strategic acquisitions, robust financial strategies, and commitment to sustainable practices, Deccan is poised to meet the growing demands for precious metals and critical minerals. The company embodies the spirit of a new, dynamic India, leveraging its natural resources and technological advancements to achieve global competitiveness.
About Deccan Gold Mines Limited (BSE: DECNGOLD) (BSE: 512068) (ISIN: INE945F01025)
Deccan Gold Mines Limited (DGML) is India's only listed Gold exploration and mining Company, with mining assets spread across the Indian peninsula, Kyrgyzstan, Finland and Tanzania. The Company currently has five gold projects (of which two are advanced-stage gold mine projects) and is actively foraying into the exploration and mining of Critical Minerals (CM) and Rare Earth Elements (REE).
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