Deccan Gold Mines Looks To Raise $50 Million For Ganajur Project

Deccan Gold Mines Ltd. said it’s looking to raise $50 million in combination of debt and equity to fund its Ganajur Project.

“We plan to approach potential investors because the project needs close to $50 million to establish the processing facilities—for processing gold to providing working capital for mining operations,” Managing Director Sandeep Lakhwara told BloombergQuint in an interaction.

Lakhwara said the fundraising would begin at the time the company receives the environmental clearance, land acquisition consent from farmers and the mining licence application. The company expects to start gold production by March 2020.

Lakhwara, however, said, “Gold is not produced in India the way it should.” India has not fully achieved its potential in gold production due to the delay in the regulatory processes and lack of incentives for the miners, he said.

Watch the full interview here: