Andhra Pradesh Chief Minister N Chandrababu Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu on Wednesday inaugurated the country’s first private gold mine and gold processing unit, set up by Geomysore Services at Jonnagiri in Kurnool district.

Addressing the gathering, Naidu said Geomysore Services had invested ₹405 crore in the project. The unit is expected to produce 400 kg of gold in the first year of operations, with output to be scaled up to one tonne subsequently.

Noting that gold imports constitute the country’s second-largest import bill after crude oil, Naidu said domestic production from the Jonnagiri project would help conserve valuable foreign exchange.

Describing the project as a growth engine for the development of the Rayalaseema region, he said it would create employment opportunities for local youth. He also announced plans to establish a jewellery park in the region.

Recalling that Jonnagiri was known as Suvarnagiri, one of the southern provincial capitals of Mauryan emperor Ashoka, Naidu said the place would henceforth be renamed ‘Swarnagiri’.

The Chief Minister said the NDA government’s industry-friendly policies and focus on ‘Speed of Doing Business’ were attracting investments across sectors to Andhra Pradesh.

Naidu also laid the foundation stone for the second phase of the project, according to an official release.

Published on June 24, 2026