Deccan Gold Mines Limited
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BSE Code:
512068
NSE Code:
DECNGOLD
Business Profile
Business Profile
Deccan Gold Mines (DECNGOLD), incorporated in 1984, is the only gold exploration company listed on the Bombay Stock Exchange (BSE). Rama Mines (Mauritius), with major shareholders comprising Australian individuals and mining companies, are the majority stakeholders in the company. Earlier known as Wimper Trading, it got its present name on Apr. 22, 2003.
The company has entered into agreements with its associated company, Geomysore Services (India) and its 100% owned subsidiary Indophil Resources Exploration Services (IRES) for the transfer of prospecting licences to itself in the Dharwar-Shimoga, North and South Hutti, Ramgiri and Mangalur prospecting blocks. The associated companies, which were originally granted reconnaissance permits (RPs) to undertake exploration activities in these prospecting blocks, are awaiting grant of licences from the government to move to the next stage of detailed exploration under a PL.
In 2006, nine reconnaissance permit applications over 10, 711 sq km in four states, 27 prospecting license applications over 369.7 sq km and 4 mining lease (ML) applications over 3.18 sq km were submitted by the company and its 100% subsidiary IRES. The approval of the ML applications over the Hirenagnur gold prospect in Karnataka, the Bharak silver prospect in the Bhilwara district of Rajasthan, the Mangalagatti and Ganajur gold prospects in the Dharwad districts of Karnataka will be the first step leading to the work necessary to determine the potential of mining within these prospects.
The registered office is located at A-303, Raghuvanshi Mills Compound, 11-12, S.B. Marg, Lower Parel, Mumbai-400013.
Financials
Deccan Gold Mines registered a loss of Rs 1.06 for the quarter ended December 2007.
Total income rose 8% to Rs 1.62 million for the quarter ended December 2007 from Rs 1.5 million for the quarter ended December 2006.
The loss per share of the company stood at Rs 0.02 for the quarter ended December 2007.
Recent Developments
25-MAY-06
The company alloted 7 million equity shares at Rs 15.10 per equity share aggregating Rs 105.70 million to Sun Mining and Exploration - a Cyprus based company, which is a part of multi-national group of companies with investments in many projects, like energy, oil and gas and core infrastructure projects in India and overseas.