Gujarat ToolRoom acquires mines in Zambia

Gujarat ToolRoom Limited (GTL), which is in the business of development and operation of mines and minerals, has acquired 6 hectares of mines in Zambia. Sharing the information with the exchanges, the company said that the development marks a significant stride in its pursuit of sustainable growth.  

"The company has successfully concluded the acquisition of 6 hectares of mines in Zambia, marking a significant stride in our pursuit of sustainable growth," the company said in an exchange filing.  

According to the company, each hectare of these mines would yield an estimated annual revenue ranging from $15-20 million. 

"GTL envisions each hectare of these mines, equipped with state-of-the-art Japanese technology, yielding an estimated annual revenue ranging from 15 to 20 million dollars. With a cumulative expanse of 6 hectares, the company confidently anticipates a minimum annual revenue of INR 700 crores upon the operational commencement of these mines in the upcoming quarter," it said.

The company said that it further plans to strengthen its footprint in the mining sector in other South African countries.