Hindustan Zinc, Jindal Power vie for Rajasthan Gold Mines

17 May 2024 CW Team

Several prominent Indian firms including Hindustan Zinc, Jindal Power, and JK Cement are competing for the rights to operate two gold mines in Rajasthan. This competitive bidding process, overseen by the Rajasthan government, highlights growing interest in India's mining sector despite regulatory and operational challenges.

The auction, facilitated under the Mines and Minerals (Development and Regulation) Act, aims to allocate mining rights for the Bhukia and Khetri mines in Rajasthan. These mines are estimated to hold significant reserves of gold, attracting bids from major players in the metals and mining industry.

Hindustan Zinc, a subsidiary of Vedanta Resources, is known for its expertise in base metal mining and has expressed interest in expanding its portfolio to include precious metals. Jindal Power, part of the O.P. Jindal Group, aims to diversify its energy-focused business into mining, leveraging its operational capabilities and financial strength.

JK Cement, a leading player in the cement industry, seeks to secure access to raw materials through vertical integration strategies. The company's participation underscores its strategic intent to strengthen its supply chain and reduce dependency on external sources.

The outcome of the bidding process is anticipated to enhance Rajasthan's mining sector, boost local employment opportunities, and stimulate economic growth in the region. Successful bidders will be expected to adhere to stringent environmental and social responsibility standards while contributing to the state's revenue generation through royalties and taxes.

As the auction progresses, stakeholders await the final decision, which will shape the future landscape of gold mining in Rajasthan and contribute to India's mineral resource development goals.

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