Deccan Gold Mine Shares to Be in Focus on Monday, Here’s Why

Shares of Deccan Gold Mines Ltd. will be in the spotlight on Monday, September 16, as the company informed stock exchanges that its subsidiary Deccan Gold Mozambique LDA announced its first successful export of lithium ore (2.5% Li2O) to China.

150 tonnes of crude oil were exported from one of the licensed areas in Mozambique.

“The initial export marks a key moment for DGML as we continue to expand our operations and meet growing global demand for lithium, a key component in the production of batteries for electric vehicles and renewable energy storage systems,” Deccan Gold Mines said in a stock exchange filing.

Deccan Gold Mines’ Mozambique unit is currently planning to increase shipments to almost 1,000 tonnes per month in the “near future”. The product line will soon include high-grade 4% Li2O Spodumene and 2% Li2O Lepidolite, further expanding its portfolio and market presence.

Deccan Gold Mines also reported that exploration is actively ongoing in all licensed areas in Mozambique. A composite sample is also being sent to South Africa for beneficiation testing to determine the optimum flow rate at the processing plant.

The company’s 100 tonnes per day processing plant is expected to be operational by the end of 2025. The plant will likely produce almost 7,000 tonnes per year of high-quality concentrate (4% – 5% Li2O).

Deccan Gold Mines also plans to expand its product offering to include other valuable minerals such as tantalum, caesium, gallium and beryllium, which are used in various high-tech applications including electronics, aerospace and renewable energy technologies.

Deccan Gold Mines shares ended largely unchanged at ₹147.5 on Friday. The stock is up 21% since the start of 2024.