Gold
Hindustan Zinc to spend $1 bn on ending diesel use
Vedanta Group firm Hindustan Zinc Ltd (HZL), the world's second-largest manufacturer of the metal, plans to invest over $1 billion (Rs 82.70 billion) to switch from diesel-fired mining vehicles to battery-operated ones and also to fully turn into a green energy user over the next five years.
The Udaipur-based company, which is also the sole producer of silver and the largest maker of zinc and lead in the country, is currently running four of its 900 mining vehicles on battery on a pilot basis.
The company, with an annual production of 1 million tonnes zinc, up from 100,000 tonnes when it was privatised in 2002, also expects stable demand in the March quarter despite the growing fears of a global recession, its chief executive Arun Misra said at the weekend.
The government still owns 29% of the cash-rich HZL and has three members on the board. On this, Misra said he recently met government officials in New Delhi and full divestment may happen soon.
On the commitment to be net carbon-zero by 2050, he said the company has signed a power purchase agreement for sourcing up to 200 MW renewable energy, which will avoid 1.2 million tonne of carbon emission.
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