Midwest Gold has received a quarry lease work order from the Department of Mines & Geology, Government of Andhra Pradesh, marking a significant operational development for the mining company.

Quarry Lease Details

The work order permits Midwest Gold to undertake quarrying operations for the extraction of coloured quartzite blocks, which are used for cutting and polishing purposes. The quarry lease has been granted for a substantial period of 30 years, commencing from January 6, 2026, and remaining valid until January 5, 2056.

Operational Scope

The approved quarry area covers an extent of 21.012 hectares, equivalent to 51.92 acres, located at Hanumanthunipadu village and mandal in Prakasam district of Andhra Pradesh. According to company details, the quarry is estimated to have an available marketable reserve of 609,620 cubic metres of coloured quartzite blocks.

The operations will be subject to receipt of all requisite statutory approvals and compliance with applicable conditions laid down by the authorities. The work order has been awarded by a domestic government entity and does not involve any related party transactions.

Market Performance

Shares of Midwest Gold closed higher at ₹1,795.20, registering an increase of ₹22.00 or 1.24%. This development represents an expansion of the company's operational footprint in Andhra Pradesh's mining landscape, potentially contributing to its business growth in the mineral products sector.

Midwest Gold has announced that its board of directors has approved the establishment of a new subsidiary in Sierra Leone, a strategic move designed to enhance the company's Heavy Mineral Sands (HMS) reserves and support future growth initiatives.

Strategic Expansion into Sierra Leone

The board's decision to green-light the subsidiary setup represents a significant step in Midwest Gold's expansion strategy. Sierra Leone, known for its rich mineral deposits, offers substantial opportunities for HMS extraction and development.

HMS Reserves Enhancement Strategy

The new subsidiary will focus on boosting the company's HMS reserves, which are crucial for the company's long-term operational sustainability. Heavy Mineral Sands contain valuable minerals that are essential for various industrial applications, making this expansion strategically important for Midwest Gold's portfolio diversification.

Growth Implications

This subsidiary establishment aligns with Midwest Gold's broader growth objectives, positioning the company to capitalize on emerging opportunities in the African mining sector. The move demonstrates the company's commitment to expanding its geographical footprint and strengthening its resource base for future operations.