India’s Jonagiri Mine could cut India’s massive gold imports

India’s first large private gold mine, located in Andhra Pradesh, is set to commence full-scale production soon, according to a top official at Deccan Gold Mines Ltd (DGML). The milestone comes at a crucial time, as India remains the world’s second-largest gold importer after oil, bringing in nearly 1,000 tonnes of the precious metal every year.

DGML, the only gold exploration company listed on the BSE, holds a stake in Geomysore Services India Ltd, which is developing the Jonnagiri gold project in Andhra Pradesh. The mine has already secured environmental clearances in June and July, while state-level approvals are currently underway.

The project is expected to produce about 750 kilograms of gold per annum once it begins full-scale production, he said, adding that it would be scaled up to 1,000 tonnes within two to three years. The upcoming gold mine is situated near Jonnagiri, Erragudi and Pagadirayi villages in Tuggali Mandalam, Kurnool district of Andhra Pradesh.

Deccan Gold Mines Ltd (DGML), founded in 2003 by industry veterans, has been at the forefront of gold exploration both in India and abroad. Beyond the Jonnagiri project, the company’s mining assets span the Indian peninsula as well as Kyrgyzstan, Finland and Tanzania.