Bengaluru, June 10 (UNI) Deccan Gold Mines Ltd has announced the signing of a definitive Earn-In, Option and Shareholders Agreement for the Logrosan Tungsten Project in Spain, marking a strategic expansion into critical minerals amid rising global demand for secure resource supply chains.
Under the agreement, the company will progressively earn an initial 51% stake in Logrosan Minera S.L. by March 2027 through an investment of EUR 1.76 million. The structure of the deal also provides Deccan Gold Mines the option to increase its holding to 75% based on milestones and independent valuation, with a potential long-term expansion up to 95% subject to regulatory approvals and future funding participation.
The development builds on the company’s earlier entry into the project announced in December 2025 and strengthens its push to diversify beyond gold into strategic minerals such as tungsten, rare earth elements, tin, niobium and tantalum.
Located in a mineral-rich region of Spain, the Logrosan and Maria project areas together represent a district-scale critical minerals opportunity. Early exploration results, including diamond drilling campaigns, have indicated intersections of scheelite (tungsten) mineralisation with grades such as 3 metres at 0.42% WO₃, 9 metres at 0.32% WO₃, and 2.7 metres at 0.29% WO₃.
A new drilling programme is currently underway to further define and extend the mineralised zones. Initial findings suggest potential for significant tungsten discovery, with additional upside from associated gold and rare earth element mineralisation.
Commenting on the development, Dr Hanuma Prasad Modali, Managing Director of Deccan Gold Mines Ltd, said the agreement reinforces the company’s long-term strategy of building a globally diversified critical minerals portfolio. He noted that increasing emphasis on resource security and supply-chain resilience is making access to strategic minerals a key driver of industrial competitiveness.
Tungsten is classified as a critical mineral due to its wide applications in defence, aerospace, semiconductors, electronics and advanced manufacturing. With global supply heavily concentrated in China, countries and companies are actively seeking alternative sources.
Spain, where the project is located, is considered a stable mining jurisdiction within the European Union, offering foreign ownership opportunities and alignment with the EU’s Critical Raw Materials Act aimed at strengthening domestic and allied supply chains.
The company said further updates on drilling results, exploration progress and geological modelling will be released in the coming months as work advances on the project.
UNI BDN MCR