National News
India’s First Private Gold Mine Since Independence Opens In Kurnool, Andhra Pradesh
The Mine Has An Estimated Operational Life Of 15 Years, With Initial Annual Production Of 400 Kilograms, Set To Scale Up To 900 Kilograms In The Next Phase
Andhra Pradesh Chief Minister N Chandrababu Naidu inaugurated independent India’s first private integrated greenfield gold mining project at Jonnagiri in Kurnool district, marking a historic milestone in the country’s mining sector. The launch brings commercial-scale domestic gold production back into focus at a time when gold prices are at historic highs.
Until now, India’s only operational gold mines were located at Kolar and Hutti in Karnataka, both established during the British era. While the Hutti mine continues to be operated by a Karnataka government enterprise, mining at Kolar was suspended long ago. No new gold mining project had been commissioned since Independence, making Jonnagiri a watershed moment for the sector.
The Jonnagiri project has been developed by Geo Mysore Services India Pvt. Ltd. and Deccan Gold Mines, backed by Lloyds Metals and Energy and the Thriveni Group, with a total investment exceeding Rs 405 crore. Naidu inaugurated the mine, laid the foundation stone for its second expansion unit, and flagged off heavy vehicles transporting gold-bearing ore for processing. He also visited a training centre on site where local women and youth are being trained on simulator machines to operate heavy mining equipment.
The project is spread across approximately 598 hectares, covering the villages of Jonnagiri, Erragudi, and Pagidirayi in Tuggali mandal. Certified gold resources currently stand at around 13.1 tonnes, with exploration pointing to the potential for significantly larger reserves across the broader mineralised belt. The mine has an estimated operational life of 15 years, with initial annual production of 400 kilograms, set to scale up to 900 kilograms in the next phase and eventually reach two tonnes per year.
Addressing a public meeting after the inauguration, Naidu invoked the region’s ancient heritage, noting that Jonnagiri was once known as Swarnagiri and flourished as a centre of mineral wealth during the reign of Emperor Ashoka and later under Sri Krishnadevaraya.
Naidu also outlined an ambitious long-term vision, saying the state aimed to scale annual gold production to 50 metric tonnes, significantly reducing India’s dependence on imports. India currently imports between 700 and 1,000 tonnes of gold each year, making gold the country’s second-largest import after crude oil.
In a symbolic gesture, Geo Mysore Services and Deccan Gold Mines presented the state government with a map of Andhra Pradesh crafted from gold produced at Jonnagiri. The Chief Minister announced the memento would be displayed at the proposed museum in Amaravati. The first batch of gold from the mine was handed over to jewellery companies from the state.
National News
Augmont-NSE Partnership Drives Strong Start for India’s Gold EGR Market, with Over 1,60,357 Units Traded in First Few Hours
Electronic Gold Receipts segment witnesses active two-way trading on day one, with 1,60,375 units traded, representing approximately 6 kg of gold and a traded value of ₹23.34 crore as of 04:25 PM
India’s gold market took an important step towards greater integration with the commencement of live trading in the Electronic Gold Receipts (EGR) segment on the National Stock Exchange of India (NSE) today. Enabled through the collaboration between NSE and Augmont Enterprises Limited, the launch brings together NSE’s regulated exchange infrastructure and Augmont’s integrated physical gold ecosystem, creating a new avenue for investors to trade physically backed gold.
On its opening day, the EGR segment witnessed active two-way trading, with 1,60,357 units traded by approximately 04:25 PM, representing around 6 kg of gold. The trading activity translated into a cumulative traded value of approximately Rs.23.34 crore during the first session. The segment also demonstrated orderly price discovery, with prices remaining within a narrow intraday range of Rs.1,450.50 to Rs.1,460.00. The bid-ask spread remained between Rs.0.50 and Rs.1.00, indicating continuous two-way quotations and an active order book.
Each EGR represents 100 mg of physical gold, with the underlying gold held in SEBI-regulated vaults. Investors can buy and sell EGRs through their demat accounts on the exchange, while retaining the option of converting their holdings into physical gold, subject to the applicable framework. The segment follows a T+1 settlement cycle, under which trades executed on a particular day are settled on the next business day, facilitating the transfer of securities and funds through the exchange’s regulated clearing and settlement mechanism.
Under the strategic collaboration, Augmont serves as a key physical gold and infrastructure partner for NSE’s EGR segment, supporting the creation, vaulting, redemption and liquidity ecosystem. The gold backing the EGRs is sourced through Augmont’s integrated refining infrastructure, bringing together physical gold processing and exchange-based trading within a regulated framework.
The commencement of live trading marks an important step towards building a more transparent and accessible gold market in India. By enabling standardised gold to be traded through an exchange-based mechanism, EGRs have the potential to strengthen price discovery, improve market participation and create a more integrated ecosystem for physical gold.
Ketan Kothari, Whole-time Director, Augmont Enterprises Limited, said:
“The commencement of EGR trading marks the transition of our collaboration with NSE from building the underlying infrastructure to enabling a live, exchange-traded gold market. The day-one trading activity, continuous two-way quotations and orderly price discovery are important initial milestones for a new market segment.
At Augmont, we have brought together our refining capabilities and physical gold infrastructure to support the creation, vaulting and redemption of EGRs. We believe this initiative can play an important role in making physical gold more accessible, transparent and integrated with India’s formal financial ecosystem. Our focus remains on strengthening the ecosystem and supporting its wider adoption among investors, brokers and other market participants.“
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