Homegrown gold exploration company Deccan Gold is nearing the completion of its expansion in Kyrgyzstan, according to sources who spoke to CNBC-TV18. The company is in the advanced stages of acquiring Avelum Partners, which will give it access to the Altyn Tor Gold project in Kyrgyzstan.
In July last year, Deccan Gold’s board approved the acquisition of a gold mine in Kyrgyzstan. The company decided to buy a 60% stake in Avelum Partners through a share swap agreement with Hira Infra-Tek Ltd, India, and Med Edu Care Marketing Management, Dubai. Avelum operates a gold mine in eastern Kyrgyzstan, which has six tonnes of potential gold resources.
The Altyn Tor Gold project is situated in the Tien Shan district, Naryn Province, Kyrgyzstan. Before Deccan Gold’s acquisition, the major shareholders of Avelum Partners were Hira Infratech India and Mededu Dubai.
Avelum has been carrying out mining and geological work, repair and restoration work, and equipment upgrades for the crushing and concentrator units of the processing plant since January 15, 2022. The company is also designing a leaching plant and tailing dam, aiming to achieve an operation of 300,000 tonnes per year from 2024.
In addition to the gold project, Deccan Gold is reviewing data on Nickel, Copper, Graphite, and Lithium Projects in India and overseas. The company may secure these licenses subject to a positive technical evaluation.
(Edited by : Vivek Dubey)
