Saturday, June 15, 2024

Deccan Gold Mines invests in Mozambique with lithium aquisition

Deccan Gold Mines (DGML), India’s only exploration and mining company, announced today in a press release that it has acquired a majority stake in five lithium blocks in Mozambique.

According to an article published on the Devdiscourse news portal, this acquisition places DGML in the Alto Ligonha pegmatite region in Zambézia province, known worldwide for its rich deposits of lithium-cesium-tantalum (LCT) pegmatites, which are essential for the extraction of lithium from minerals.

The concession blocks were acquired through Deccan Gold FZCO (DGFZCO), a wholly-owned subsidiary of DGML, based in the United Arab Emirates. In a strategic collaboration, DGFZCO established a joint venture with Mozambique’s Magnifica group, taking advantage of its concessions in the region.

The joint venture, called Deccan Gold Mozambique (DGMOZ), was set up this month, with a majority stake of 51%, with the potential to increase to 70% soon.

DGMOZ plans to establish a small-scale processing plant with a capacity of 100 tons per day, aimed at refining lithium, tantalum and other concentrated minerals. “DGMOZ will exploit both upstream and downstream synergies, catering to an expanding Indian market,” said Hanuma Modali, CEO of Deccan Gold Mines.

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