India’s First Private Gold Mine to be Operational by 2021

SEATTLE (Scrap Monster): India’s first private sector gold mine is expected to commence operations by last quarter of 2021, subject to completion of land acquisition over the next six-month period. The mine, owned by Geomysore Services India Private Limited, is located at Jonnagiri, Kurnool district in the south Indian state of Andhra Pradesh. Reportedly, the company has already completed exploratory mining at the site.

The company has been granted mining license for 1,500 acres. In the initial phase, it plans to acquire 350 acres of land, the process of which is already underway. This corresponds to one out of the total four blocks.

The farmers who own the land have been responding positively to the move, as the company has agreed to pay compensation far exceeding government value. The land acquisition is expected to be completed over the next six months. After that, another 10 months are required for setting up the processing plant, said Jade Devenish, managing director at Geomysore Services.

The company has already invested INR 160 crores in exploration works at Jonnagiri gold project, which is regarded as the flagship project of the com pany. It plans to invest additional INR 300 crore in making the mine ready for production.