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Deccan Gold Mines Limited (DGML) is the first private sector gold exploration company in India to be listed on the Mumbai Stock Exchange. Established as a gold exploration company in 2003, DGML now has a large portfolio of exploration prospects in the states of Karnataka, Andhra Pradesh, Kerala and Rajasthan. It acquired a majority stake in the company from the promoters of Wimper Trading Limited and followed this acquisition by making an 'open offer' to the public, as per the requirements of the Securities Exchange Board of India regulations, in the year 2001.The name of the company was changed to Deccan Gold Mines Limited on 19 March, 2003.
DGML has been actively engaged in the exploration for gold in some of the most promising gold mineralized blocks in India. It has been successful in identifying several smaller potential gold-bearing zones within these blocks, worthy of detailed investigation. The company has lodged several Prospecting Licences (PLs) applications, and once granted, will enable DGML to undertake below surface investigations to substantiate its initial findings and undertake feasibility studies to ascertain the economics and mining in the gold-bearing zones.
It has actively undertaken Reconnaissance exploration work in all of its exploration prospects in the last few years and has been successful in identifying probable gold resources within prospects located at Hirenagnur, Ganajur and Attapadi. Full details are contained in the 'Projects' section of this website. It is now awaiting the grant of the next stage of licences to undertake detailed feasibility studies on the mining potential of the gold resources identified through the first phase of its exploration activities. Promoted by shareholders with deep roots in the exploration and mining sector, it brings to India a wealth of international technical know how and experience in the gold exploration and mining sector.
The new India, with a strong economic growth outlook, is looking to revive the mineral exploration and mining sector through foreign and Indian private investment and the planned introduction of liberalised internationally compatible mining policies. DGML with some of the best gold prospects in the country, geologically similar to areas that have been home to major world gold discoveries, is playing a leading role in this revival.
Deccan Gold Mines Limited is a company listed on the Mumbai Stock Exchange and is involved in gold exploration activities in the States of Karnataka, Andhra Pradesh, Rajasthan and Kerala. Rama Mines (Mauritius) Ltd. A rights issue to increase the paid up capital of the company to Rs.5 crore was undertaken in the year 2004.
In May 2006, DGML allotted 70 lakh shares at Rs. 15.10 per share to SUN Mining and Exploration Ltd - a Cyprus based company, which is a part of multi-national group of companies with investments in many projects, like energy, oil and gas and core infrastructure projects in India and overseas, with a turn over of about US $2bn per annum. The group of companies are majority owned by the Khemka family who are of Indian origin.
DGML has entered into agreements with its associated company, Geomysore Services (India) Pvt. Ltd.,and its 100% owned subsidiary Indophil Resources Exploration Services Pvt. Ltd. for the transfer of Prospecting Licences to DGML in the Dharwar-Shimoga, North and South Hutti, Ramgiri and Mangalur Prospecting blocks. The associated companies have made several applications for the grant of Prospecting Licences (PLs) in these prospecting blocks and are awaiting grant of licences from the Government. The associated companies were originally granted Reconnaissance Permits (RPs) to undertake exploration activities in these prospecting blocks.
Portfolio of exploration projects undertaken by the company includes:
Recent development
The company has signed a Memorandum of Understanding (MoU) with JB whereby DGML shall carry out the entire gold exploration, resource estimation and planning for feasibility studies to facilitate mining activities for Projects held by JB in the Republic of Djibouti, North East Africa.
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