Shares of Deccan Gold Mines Ltd. will be in focus on Monday, September 16, as the company informed the exchanges that its step-down subsidiary, Deccan Gold Mozambique LDA announced its first successful export of Lithium Ore (with a grade of 2.5% Li2O) to China. The quantity exported was 150 tonnes sourced from one of its licensed areas in Mozambique.
“The initial export marks a pivotal moment for DGML as we continue to expand our operations and meet the increasing global demand for lithium, a critical component in the production of batteries for electric vehicles and renewable energy storage systems,” Deccan Gold Mines said in the exchange filing.
Deccan Gold Mines’ Mozambique unit now plans to scale up shipments to nearly 1,000 tonnes per month in the “near future.” The product line will soon include high-grade Spodumene with a 4% Li2O and lepidolite with a 2% Li2O content, further enhancing its portfolio and market presence.
Deccan Gold Mines also said that exploration work is actively underway across all licensed areas in Mozambique. A bulk sample is also being sent to South Africa for beneficiation test work to determine the optimal process plant flow stream.
The company’s process plant, with a capacity of 100 tonnes per day, is set to be operational by the end of 2025. The plant is likely to produce nearly 7,000 tonnes per annum of high-grade (4% – 5% Li2O) concentrate.
Deccan Gold Mines also plans to expand its product offerings to include other critical minerals like tantalum, caesium, gallium, and beryllium, minerals used for various high-tech applications, including electronics, aerospace and renewable energy technologies.
Shares of Deccan Gold Mines ended little changed on Friday at ₹147.5. The stock has risen 21% so far in 2024.
CNBC TV18
