Hindustan Zinc shares jump 2% after co emerges preferred bidder for Rajasthan project

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Shares of Vedanta-owned Hindustan Zinc surged 2% to their day’s high of Rs 504.65 on the BSE today after the company on Friday announced that it emerged as a preferred bidder for Dugocha Gold & Associated Mineralization Block.

“Via notification dated November 15, 2024, hosted on the mstc ecommerce auction portal, the Company has been declared as ‘Preferred Bidder’ for Dugocha Gold & Associated Mineralization Block, District Salumber (on highest Final Price Offer of 8.15%),” said the company in a filing to the exchanges.

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The Department of Mines & Geology, Government of Rajasthan had invited tenders for the grant of Composite License for the Dugocha Gold & Associated Mineralization Block earlier in the month of September.

The grant of the composite license in respect of the said mine will be subject to making of necessary payment of performance bank guarantee, completion of other terms and conditions of the tender, obtaining necessary approvals from various government departments and the execution of necessary agreements, the company informed.

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“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,” said Arun Misra, CEO of Hindustan Zinc.

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

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