Hindustan Zinc Eyes Rajasthan Gold; India's First Private Gold Mine Nears Completion

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Hindustan Zinc Eyes Rajasthan Gold; India's First Private Gold Mine Nears Completion

Hindustan Zinc Qualifies for Rajasthan Gold Block Auction

Hindustan Zinc, a subsidiary of Vedanta, has been declared a "Technically Qualified Bidder" for two gold and associated mineral blocks in Rajasthan. The blocks, Bhukia-Jagpura and Kankriya Gara, were put up for auction by the Government of Rajasthan.

Hindustan Zinc will compete with other qualified bidders for the Bhukia-Jagpura block, including Ramgad Minerals and Mining Ltd, Hirakund Natural Resources Ltd, Jindal Power, and Saiyyed Owais Ali. For the Kankriya Gara block, Hindustan Zinc will face competition from Hirakund Natural Resources, Poddar Diamond, Owais Metal and Minerals Processing, and JK Cement.

The auction for both blocks is scheduled to take place this week.

India's First Large Private Gold Mine Nears Completion

Meanwhile, the Jonnagiri gold project in Andhra Pradesh, India's first large private gold mine, is nearing completion. The mine is expected to begin full-scale production by the end of 2024, producing approximately 750 kilograms of gold per year.

The project, developed by Deccan Gold Mines, has already begun pilot-scale operations and is currently producing about one kilogram of gold per month. An investment of Rs 200 crore has been made in the mine so far.

Hindustan Zinc and Vedanta Report Lower Profits

Hindustan Zinc reported a 21% drop in consolidated net profit for Q4 FY24, while Vedanta Ltd reported a 27% decline in fiscal fourth-quarter profit. Both companies attributed the decline to surging finance costs and weak metal prices.