Lloyds Enterprises announces pathbreaking development for Geomysore Services India

Geomysore Services India commences pre-commercial production trials at Jonnagiri process plant

Lloyds Enterprises announced that its investee company, Geomysore Services India has commenced pre-commercial production trials (PCOD) at the Jonnagiri process plant, marking a major milestone in the evolution of India's gold mining sector.

GMSI has been developed over last 12 years under the management of B Prabhakaran to become one of the first operating mine in India to reach production stage in Independent India. The mine is located in Andhra Pradesh with all key regulatory approvals, including Environmental Clearance valid until 2043.

Lloyds Enterprises, which holds a 31.58% economic stake in GMSI through its 50% investment in Prakar Estate and Promoters LLP, views this as a highly Pathbreaking development. With over Rs 405 crore invested to date totally in the project, the project has transitioned from development to Pre-commercial trial production stage with ore production underway and processing plant trials initiated. Commercial production is targeted to begin in November 2025.

The project is expected to produce up to 900 kilograms of refined gold annually, by end of FY2028, supported by a strong resource base for mine life of 15 years.

As a shareholder, through Prakar Estate and Promoters LLP, Lloyds Enterprises views this milestone as a testimony to the quality of the asset and the commitment of the operating team on the ground. The commencement of production not only enhances the long-term value proposition of this investment but also reflects Lloyds Enterprises's focus on participating in India's critical mineral and resource value chains.

Powered by Capital Market - Live News