Australian Indian Resources in a consultancy agreement with Avelum, Kyrgyzstan

28 Jan 2022 , 10:12 AM

Deccan Gold Mines Ltd has announced that the company has been informed by Australian Indian Resources Limited, Australia (AIR) that they have entered into a Management Consultancy Agreement with Avelum Partners, Kyrgyzstan (Avelum). This Consultancy Agreement is for a period of one year with a provision for renewing it annually. It may be noted that Avelum is operating an open pit gold mine in Kyrgyzstan.

As per regulatory filing, AIR will be the management consultant for this gold Project and its role would involve advising on expansion of the mine / gold production and enhance processing plant capacity. A team of geologists and process engineers would work on this project.

“As shareholders are aware, the Company is in the process of acquiring a significant stake in GMSI through a Composite Scheme of Arrangement which inter-alia involves taking over of AIR as a wholly-owned subsidiary of our Company”, said Deccan Gold Mines on Thursday.

At around 10:13 AM, Deccan Gold Mines was trading at Rs32 apiece down by Rs0.05 or 0.16% today on Sensex.