Hindustan Zinc gains on winning auction to mine critical mineral blocks
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Hindustan Zinc is currently trading at Rs. 508.25, up by 0.60 points or 0.12% from its previous closing of Rs. 507.65 on the BSE.
The scrip opened at Rs. 509.05 and has touched a high and low of Rs. 512.90 and Rs. 507.00 respectively. So far 200755 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 807.00 on 22-May-2024 and a 52 week low of Rs. 285.00 on 15-Mar-2024.
Last one week high and low of the scrip stood at Rs. 565.00 and Rs. 505.60 respectively. The current market cap of the company is Rs. 215364.51 crore.
The promoters holding in the company stood at 63.42%, while Institutions and Non-Institutions held 33.67% and 2.92% respectively.
Hindustan Zinc has been declared as 'Preferred Bidder' for the Balepalyam Tungsten and Associated Mineral Block (on highest Final Price Offer of 06.55%) and Nayakkarpatti Tungsten Block (on highest Final Price Offer of 05.05%).
Earlier, the Ministry of Mines, Government of India vide its ‘Notice Inviting Tender' dated June 24, 2024 for Tranche IV of Critical Mineral Block auctions, had invited tenders to participate in E-auction for grant of Composite Licenses in respect of Balepalyam Tungsten and Associated Mineral Block in the State of Andhra Pradesh and Nayakkarpatti Tungsten Block in the State of Tamil Nadu. The Company had participated in the live E-auction for grant of the stated Composite Licenses.
As per the tender document, the Balepalyam Tungsten and Associated Mineral Block is at G3 level of exploration with total area of 308.3 hectares for the block, and Nayakkarpatti Tungsten Block is at G4 level of exploration with total area of 2015.51 hectares for the block.
The grant of Composite License by the Government of India in respect of aforesaid mines shall be subject to making of necessary payment of Performance Bank Guarantee, completion of other terms and conditions of the Tender Document, obtaining of necessary approvals/ permissions/ clearances from various Government Departments / Agencies and execution of necessary agreements/deeds in the matter.
Hindustan Zinc, the world’s second biggest zinc producer, operates the world’s third largest open-pit mine, and world’s largest Zinc Mine in Rampura Agucha, Rajasthan.
