Deccan Gold Mines Ltd acquired majority stake in five lithium blocks in Mozambique. This acquisition positions the company within the Alto Ligonha pegmatite belt, known for its rich lithium deposits.
DGML’s wholly-owned arm Deccan Gold FZCO partnered with the Magnifica Group of Mozambique to form Deccan Gold Mozambique Lda. DGFZCO holds a 51% ownership stake, with potential to increase to 70%. The joint venture plans to establish a processing plant to refine lithium, tantalum, and other minerals.
The critical minerals concession blocks were acquired through DGML’s wholly-owned arm Deccan Gold FZCO (DGFZCO), the UAE.
”In a strategic collaboration…(DGFZCO) has forged a joint venture with the Magnifica Group of Mozambique, leveraging on its ownership of multiple concessions within the region,” the company said in a statement.
DGFZCO and Magnifica had incorporated Deccan Gold Mozambique Lda (DGMOZ) this month.
DGFZCO will hold majority ownership stake of 51 per cent in DGMOZ, with a potential to increase its ownership to 70 per cent in the near future.
Going forward, DGMOZ plans to establish a small-scale processing plant with a capacity of 100 tonne per day to refine lithium, tantalum, and other mineral concentrates.
”The JV with Magnifica Group, shall unleash synergies in upstream capabilities and eventually also midstream that will cater to a burgeoning Indian market,” Hanuma Modali, Managing Director, Deccan Gold Mines said.
Devdiscourse
