A lot of gold will be produced from the mines of this state, good news for gold buyers - this will be beneficial

Business News: There is a big rise in the price of gold due to the war breaking out between Israel and the Palestinian terrorist organization Hamas. Meanwhile, a good news has come that the first big private gold mine in the country will produce gold. Gold experts say that this will not only help India reduce the import of gold from abroad, but will also help in controlling the price. Having gold products in the country will pave the way for people to get pure gold. Let us tell you that Deccan Gold Mines Limited Managing Director (MD) Hanuma Prasad said that full-scale production in the country's first large private gold mine in Andhra Pradesh will start by the end of next year. He said the Jonnagiri Gold Project, where work has already started at the initial stage, will produce about 750 kg of gold per year once full-scale production begins.

About Rs 200 crore was invested

Deccan Gold Mines Limited (DGML), the first and only gold exploration company listed on BSE, holds 40 per cent stake in Georesource Services India Limited, which is working on the first private sector gold mine at Jonnagiri. This mine, in which a total investment of around Rs 200 crore has been made so far, is currently producing about one kilogram of gold per month. Prasad said, construction work is going on in the Indian mine (Jonnagiri project). Full production will start here around October-November next year. The gold mine is located near Jonnagiri, Erragudi and Pagdirai villages within Tuggali Mandalam in Kurnool district of Andhra Pradesh.

It took eight to 10 days to complete the search.

Prasad said, the mine was given in 2013. It took about eight to 10 days to complete the exploration work (under the project). The managing director said that production under another gold mining project of the company in Kyrgyzstan is likely to start in October or November 2024. DGML has 60 percent stake in it. He said, “About 400 kg of gold will be produced per year under the Altyn Tor Gold Project.”