Street:'Raja Ikon Building' 89/1, 3rd Floor Marathahalli Outer Ring Road (Landmark: Opp Multiplex - about 200 mtrs away)Bangalore 560 037 India
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Deccan Gold Mines Limited is a company listed on the Mumbai Stock Exchange and is involved in gold exploration activities in the States of Karnataka, Andhra Pradesh, Rajasthan and Kerala. Rama Mines (Mauritius) Ltd. acquired a majority stake in the company from the promoters of Wimper Trading Limited and followed this acquisition by making an "open offer" to the public, as per the requirements of the Securities Exchange Board of India regulations, in the year 2001.
The name of the company was changed to Deccan Gold Mines Limited on 19 March, 2003. A rights issue to increase the paid up capital of the company to Rs.5 crore was undertaken in the year 2004.
In May 2006, DGML allotted 70 lakh shares at Rs. 15.10 per share to SUN Mining and Exploration Ltd - 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, with a turn over of about US $2bn per annum. The group of companies are majority owned by the Khemka family who are of Indian origin. Additional details on the SUN Group are available on their website (www.sungroup-global.com).
DGML has entered into agreements with its associated company, Geomysore Services (India) Pvt. Ltd.,and its 100% owned subsidiary Indophil Resources Exploration Services Pvt. Ltd. for the transfer of Prospecting Licences to DGML in the Dharwar-Shimoga, North and South Hutti, Ramgiri and Mangalur Prospecting blocks. The associated companies have made several applications for the grant of Prospecting Licences (PLs) in these prospecting blocks and are awaiting grant of licences from the Government. The associated companies were originally granted Reconnaissance Permits (RPs) to undertake exploration activities in these prospecting blocks.
Section 11(1) of the Mines and Minerals (Development & Regulation) Act accords a preferential right to the RP holder to move to the next stage of detailed exploration under a PL. Applications by the associated companies for PLs have been made pursuant to this section.
Exploration expenses related to these blocks are being incurred by DGML. The details of gold exploration activities undertaken are given under "Projects" on this website.
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