Hindustan Zinc a vedanta group company has procured a composite license for a gold mining block of Dugocha gold block in Rajasthan. The procurement took place through the auctions held by the state government on November 13, 2024. Hindustan Zinc is a major global player as integrated zinc producer and the third-largest silver producer
Dugocha Gold block and long term strategy
The Dugocha Gold block procurement in Rajasthan is on a similar trend with Hindustan Zinc’s long-term strategy of securing high-quality assets with strong mining potential. The mining block is located in Salumber, Rajasthan and spans 472 hectares, currently at the G3 level of exploration, with an estimated 1.74 Mt of resources with 1.63g/t gold.
Also ReadAll Indian firms plan to boost investments in Gen AI: NTT study
Arun Misra, CEO of Hindustan Zinc Limited, stated, “This acquisition not only enhances our precious metals portfolio but also reinforces our ability to deliver long term value to our shareholders and stakeholders. This will generate unprecedented direct and indirect employment opportunities along with new investments in many industries in the state.”
Also Read Titan boosts efficiency with AI, GenAI in manufacturing, retail Oil & gas sector remains attractive New Pamban Bridge: Indian Railways’ OMS engine test brings commissioning nearer Mahindra Lifespaces enters joint development for 37 acre land in Mumbai
He also mentioned the company’s exceptional abilities in strategic mineral exploration, with a vision to reach diverse mineral resources to address nations emerging needs and support economic growth.
Previous fund raise
The government of India raised Rs 3,449 crore by selling a 1.6 percent stake in Hindustan Zinc Ltd through an offer-for-sale (OFS). During the two-day OFS on November 6-7, the government initially aimed to sell over 5.28 crore shares, or 1.25 percent of its stake, with a greenshoe option to retain additional subscriptions of a similar amount.
Also ReadQ-commerce hurting kiranas: Delhivery CEO
On November 6, the first day of the share sale, institutional investors placed bids for shares worth nearly Rs 3,400 crore, representing about 1.58 percent of the stake. However, demand from retail investors was comparatively weak on November 7.
Earlier this month, Hindustan Zinc was named the preferred bidder for two tungsten and associated metal blocks in Andhra Pradesh and Tamil Nadu.
» Read More
