HZL emerges preferred bidder for Rajasthan gold block, set to expand precious metal portfolio

New Delhi: Hindustan Zinc Limited (HZL) on Friday said it has emerged the preferred bidder for a gold mine block in Rajasthan that will help it expand its previous metal portfolio.

The company secured a composite licence for a gold mining block in Rajasthan through the state government auctions held on November 13, it said in a statement.

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The company has been declared the preferred bidder for the Dugocha Gold Block, as confirmed by the Department of Mines & Geology, Rajasthan, vide notification dated November 15, 2024, it said.

Hindustan Zinc Ltd (HZL) CEO Arun Misra said, "Securing the Dugocha Gold Block is a testament to our prowess in strategic mineral exploration with a view to tap diverse mineral resources to support the nation's rapid economic growth and emerging needs."

"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,"

Located in Salumbar, Rajasthan, the block spans 472 hectares and is at the G3 level of exploration, with an estimated 1.74 MT of resources with 1.63g/t gold, the statement said.

Earlier this month, Hindustan Zinc was also declared the preferred bidder for two tungsten and associated metal blocks in Andhra Pradesh and Tamil Nadu.

Hindustan Zinc, a Vedanta Group company, is the world's second-largest integrated zinc producer and the third-largest silver producer.

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