The mining sector has the potential for a multiplier effect on economic growth. According to a report, the auctioning of critical mineral and offshore mineral blocks as well as giving exploration licences in 2024 are set to rejuvenate the sector. As the government focuses on self-reliance, multibagger stock Gujarat Toolroom which is into the development and operation of mines and minerals, has announced the acquisition of mines in Africa.
According to a stock exchange filing on the BSE, the acquisition marks a significant stride in its pursuit of sustainable growth for which the government has been advocating for long and pushing businesses aggressively to balance economic growth with sustainability.
"Successfully concluded the acquisition of 6 hectares of mines in Zambia, marking a significant stride in our pursuit of sustainable growth," according to a statement on BSE.
These mines are rich in copper, cobalt, gold, nickel and more. Notably, critical minerals, including lithium and cobalt, are crucial for technology, manufacturing and other industries.
According to an estimate, each hectare of these mines has the potential to yield an annual revenue ranging from $15-20 million.
Listed on the BSE, the small-cap stock has given a return of 128.7 per cent in three months and 275 per cent in six months. It had reported a total income of Rs 156.6 crore in the second quarter of the current financial year 2023-24.
Minerals and mineral products are the backbone of most industries and some form of mining is carried out in every country in the world.
Earlier in November last year, Gujarat Toolroom which is into in industrial activities, had announced to foray into the Dubai market with a focus on precious diamonds, stones, gold bars and the jewellery industry.
