Shares of Deccan Gold Mines jumped 20% to hit a fresh all-time high level on Monday after the Supreme Court upheld the pre-2015 mining lease rights of the company for the long-delayed Ganajur Gold Project in Karnataka.
In an exchange filing released on Monday, the gold and critical minerals company said that Justices Prashant Kumar Mishra and Atul S Chadukar-led bench of the apex court, in its order dated June 9, ruled that the company’s vested and accrued rights would continue to exist irrespective of subsequent amendments, as an order to grant a mining lease and requisite approvals had been taken before 2015.
“The Court further clarified that such cases would not be treated as “pending applications” as of 2015 and therefore would not be hit by the post-2015 statutory regime mandating auction, nor by the lapse provisions introduced subsequently in 2021,” the company further said in its exchange filing.
The Indian government made amendments to its mining laws (MMDR Act) back in 2015. This put many older mining applications into a legal deadlock. Deccan Gold Mines’ subsidiary had applied for a lease before these changes took place. The Supreme Court has now ruled in favour of legacy applicants, stating that mining rights established before the 2015 law overhaul are legally protected and valid.
This clears the path for the company’s Ganajur Gold Project in Karnataka. The company in 2015 had said that its subsidiary Deccan Exploration Services Private Limited had been granted the mining lease for the Ganajur gold project. The said project holds an estimated 3.08 lakh ounces of gold resources.
The Ganajur-Karajgi PL block comprises the highly rated Ganajur Main gold deposit and several satellite prospects such as Ganajur SE, Karajgi Main, Karajgi East, Ganajur South, Ganajur Central and Karajgi Hut, hosting gold materialisation in banded iron formations.
Deccan Gold Mines share price
Deccan Gold Mines shares jumped 20% to hit the upper circuit and a fresh lifetime high level at Rs 196.50 apiece. The shares of the company have gained over 60% in one month and 63% in 2026 so far.
The company currently has a market capitalisation of nearly Rs 3,889 crore.
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