India's first private gold mine operation will begin in the last quarter of 2021 at Jonnagiri in Kurnool district, Andhra Pradesh. The land acquisition for the mining project is expected to be completed in the next six months. Geomysore Services India Pvt Ltd is in the process of acquiring the land by negotiating with farmers and completing exploratory mining.
Gold Mine operation:
♦ Geomysore company has acquired a mining lease for 1,500 acres in Jonnagiri.
♦ The company has started the land acquisition process for 350 acres. The processing plant will be set up in 10 months to start production.
♦ The company has agreed to pay Rs.10 lakh (will be paid upfront) plus Rs.2 lakh (will be paid in the first year of production as a bonus) for each acre to the farmers.
♦ So far, the company has invested Rs.160 crore into the exploration. It is expecting investments of Rs.300 crore more.
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