Deccan Gold Mines - signs definitive earn-in agreement for strategic Spanish tungsten project amid global critical minerals race
Deccan Gold Mines Limited has signed a definitive Earn-In and Shareholders Agreement to acquire a 51% stake in Logrosan Minera S.L., a Spanish exploration company, for an investment of EUR 1.76 million. The agreement includes an option for Deccan Gold to increase its stake to 75% by investing an additional EUR 1.0 million, subject to independent valuation and the achievement of agreed milestones. The transaction is expected to be finalized by March 2027, pending regulatory approvals in India, Spain, and the UK.
The Logrosan project, located in a highly mineralized region of Spain, is focused on the exploration of tungsten, tin, rare earth elements (REE), and gold. Deccan Gold has already initiated drilling programs to define mineralized zones, with economically viable scheelite mineralization. The company also holds a 40 km² exploration license for the Maria project, which is being evaluated for gold and antimony.
Tungsten is classified as a critical mineral due to its use in defense, aerospace, and advanced manufacturing applications. With over 80% of global tungsten supply currently sourced from China, the acquisition aligns with Deccan Gold’s strategy to diversify supply chains. The company’s Managing Director, Dr. Hanuma Prasad Modali, emphasized that the investment strengthens Deccan Gold’s exposure to minerals essential for national security.
This move is part of Deccan Gold’s broader strategy to expand beyond gold into critical minerals, including nickel, copper, and platinum group elements. The company has also commenced diamond drilling at its Bhalukona Nickel–Copper–PGE project in India and the Logrosan Tungsten Project in Spain. Deccan Gold, which is listed on the Bombay Stock Exchange, has expanded operations into Kyrgyzstan, Mozambique, Finland, and Africa.
The acquisition of Logrosan Minera S.L. reflects Deccan Gold’s commitment to building a globally diversified portfolio of critical minerals and gold assets. As global demand for strategic raw materials continues to rise, the company is positioning itself to participate in the evolving supply chain landscape.
