Geomysore Services India Pvt Ltd has acquired mining lease for 1,500 acres in Jonnagiri. They have started the land acquisition process for 350 acres and hope to complete it in the coming six months.

Once the land acquisition is completed, they may take 10 more months to set up the processing plant. Then they plan to start production. They have agreed to pay Rs 12 lakh for each acre to the farmers, as against the government valuation of Rs 1.5 lakh per acre.

According to sources from Geomysore Services India Pvt Ltd the process of negotiation took eight months. So far, the company has invested Rs 160 crore into the exploration, total investments may go up to the tune of Rs 300 crore.

For the remaining 1,150 acres, the company will pay a lease amount of Rs 16,000 per acre where farmers can grow crops. In lieu, the farmers must allow them to carry out exploration work if needed.