Deccan Gold Mines Shares Surge 16% on Jonnagiri Gold Project Progress
Deccan Gold Mines shares rally 16% on India’s first private gold mining project. Check details
The Economic TimesImage: The Economic Times
Shares of Deccan Gold Mines Ltd surged by 16% to ₹123 following advancements in the Jonnagiri Gold Project in Andhra Pradesh, India, set to begin commercial production in May. This project marks a significant milestone as India aims to reduce its gold imports, currently over 800 tonnes annually.
- 01Deccan Gold Mines shares rose 16% to ₹123 after project news.
- 02Jonnagiri Gold Project, a ₹400 crore venture, will start production in May.
- 03The mine will produce up to 1,000 kg of gold annually for at least 15 years.
- 04India's gold imports exceed 800 tonnes annually, highlighting local supply needs.
- 05Deccan Gold has seen a 24% increase in shares over the past month.
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Shares of Deccan Gold Mines Ltd experienced a significant rise of 16%, reaching ₹123 on the Bombay Stock Exchange (BSE) due to positive developments surrounding the Jonnagiri Gold Project, a ₹400 crore initiative in Andhra Pradesh, India. This project, which is a collaboration with Geomysore Services India and Thriveni Earthmovers & Infra, is poised to begin commercial production in the first week of May, marking a pivotal moment for the company. The mine, covering nearly 598 hectares, is expected to yield up to 1,000 kg of gold annually, with certified resources currently at 13.1 tonnes and potential to increase to 42.5 tonnes. The project is crucial as India imports over 800 tonnes of gold each year, making local production vital for reducing dependency on imports. Despite a 10% decline over the past six months, Deccan Gold's shares have gained 24% in the last month and nearly 30% year-to-date in 2026. The company's commitment to responsible mining and contribution to India's critical mineral supply chain was emphasized by Managing Director Hanuma Prasad Modali, who noted the alignment with government goals for self-reliance.
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The Jonnagiri Gold Project is expected to enhance local gold production, potentially reducing India's reliance on gold imports, which could stabilize market prices and benefit local economies.
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