Tuesday, 7 June 2016

Vedanta readies $500 million capex for its zinc business : 07 June 2016


Vedanta Resources will invest $500 million (nearly Rs 3,350 crore) in its zinc business, which is about half of its total capex for the current fiscal (2016-17).

The metal and mining conglomerate, led by billionaire Anil Agarwal, is among the world's largest integrated zinc-lead producers with an output of 1,115 kilo tonnes (889 KT from Hindustan Zinc and 226 KT from Zinc International) in 2015-16.

"Going forward, our current requirements are low, with 2016-17 capex expected to be around $ 1 billion, half of which would be across the high-return zinc projects at Gamsberg and Zinc India," Vedanta Resources said in its annual report.

In 2015-16, the firm said its capex was optimised to reduced levels of $600 million. Most of which was invested in high-return projects such as the expansion at Zinc India and the Mangala EOR programme, among others, it added.

Its zinc operations consist of Hindustan Zinc in India and the assets of Zinc International across Namibia, South Africa and Ireland. Mined metal production in 2014-15 was 887 KT in India and 312 KT at overseas locations.

HZL has facilities located in Chanderiya, Dariba and Zawar in Rajasthan, along with zinc processing and refining facilities in Haridwar, and zinc, lead and silver processing and refining facilities in Pantnagar - both in Uttarakhand.

Its global zinc operations include the Skorpion zinc mine and refinery in Namibia, Black Mountain Mining (BMM) in South Africa and the Lisheen Mine in Ireland.

In July 2015, Vedanta Zinc International (VZI) started mine development activity at the Gamsberg project (South Africa) - one of the world's largest undeveloped zinc deposits.

The project comprises a 250 KT per annum mine. The initial production is expected in early 2018.

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