Mumbai (Maharashtra) [India] December 23 (ANI): Deccan Gold Mines has announced a strategic investment in a tungsten exploration project in Spain, marking the company’s entry into a critical minerals asset in Europe amid tightening global supply conditions.
The Bengaluru-and Mumbai-based company said it has acquired an initial stake in the Logrosan tungsten project in western Spain, with an option to increase its ownership to up to 75 per cent before production commences. Financial terms of the transaction were not disclosed.
Deccan Gold Mines said the investment aligns with its long-term strategy to build a diversified international portfolio focused on minerals essential to modern industrial economies.
Logrosan is an early-stage exploration asset located in a mineral-rich region with known occurrences of tungsten, tin, rare earth elements and gold. Deccan Gold said ongoing exploration and drilling could allow the conversion of existing mineralisation into defined mineral resources within one to two years, subject to technical studies and regulatory approvals.
Spain has emerged as a strategic destination for critical minerals in Europe, supported by a favourable conditions, competitive operating costs, established infrastructure and proximity to industrial markets. The country also does not levy production-based mining royalties, a factor that has drawn growing interest as Europe seeks to secure diversified supply chains for strategic raw materials.
Tungsten is classified as a critical mineral by major economies due to its use in defence, aerospace, cutting tools, electronics and high-temperature alloys. More than 80% of global tungsten supply is currently dominated by China, heightening concerns over supply security and increasing demand for alternative sources.
“Our entry into the Logrosan tungsten project reflects Deccan Gold’s long-term vision of building a globally relevant portfolio in minerals that are critical to modern economies,” Managing Director Hanuma Prasad Modali said, according to a release. “Tungsten sits at the intersection of national security, advanced manufacturing and industrial resilience.”
Early exploration and limited drilling at Logrosan have produced encouraging results, including intersections of 3 metres at 0.42% tungsten trioxide (WO₃) and 8 metres at 0.32% WO₃. Isolated high-grade gold intercepts, including 1 metre at 96.2 grams per tonne, have also been reported.
Deccan Gold said the broader region offers potential upside from associated gold and rare earth element targets, including the nearby Maria Gold Project. Maria is considered a prospective near-surface gold and antimony system, with historical work and recent sampling identifying gold anomalies.
The company added that its technical expertise in gold exploration and resource evaluation is transferable to tungsten systems, given similarities in geological settings and mineralisation styles.
Deccan Gold Mines holds exploration assets across India and overseas, including projects in Mozambique, Kyrgyzstan, Finland and Spain, and is positioning itself to benefit from rising global demand for critical minerals. (ANI)
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