2024-11-16 15:17:42 :
Hindustan Zinc on Friday said it has emerged as the preferred bidder for a gold mining block in Rajasthan that will help it expand its previous metals portfolio.
The company said in a statement that it had secured a comprehensive license for a gold mining block in Rajasthan through a state government auction held on November 13.
The Rajasthan Mines and Geology Department confirmed in a notification issued on November 15, 2024, that the company has been announced as the preferred bidder for the Dugocha gold mining area.
Arun Misra, CEO of Hindustan Zinc Limited (HZL) said: “Securing the Dugocha gold mine is a testament to our strength in strategic mineral exploration and we aim to develop various mineral resources to support the country’s rapid economic growth and emerging needs.”
“This acquisition not only strengthens our precious metals portfolio, it also enhances our ability to deliver long-term value to shareholders and stakeholders. It will result in unprecedented direct and indirect employment opportunities, as well as new investment in many industries across the state ”
The statement stated that the block is located in Salumbar, Rajasthan, covering an area of 472 hectares and is at the G3 exploration level. The estimated resource volume is 1.74 tons, of which gold is 1.63 grams per ton.
Earlier this month, Hindustan Zinc was also announced as the preferred bidder for two tungsten and related metal blocks in Andhra Pradesh and Tamil Nadu.
Hindustan Zinc, a Vedanta Group company, is the world’s second-largest integrated zinc producer and third-largest silver producer.
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