Hindustan Zinc bags mining lease for rare earth element block in Karnataka
The company had earlier secured a potash block in Rajasthan and received a letter of intent for another rare earth block
Hindustan Zinc Ltd (HZL), a subsidiary of the Vedanta group, has recently secured a mining lease for a rare earth element block in Karnataka. The Gundlupet REE and Yttrium block spans 314.21 hectares in Chamrajnagar District, Karnataka. The government of Karnataka issued a Letter of Intent (LoI) to HZL, granting them the mining lease following the rules set by the Mineral Auction Rules 2015. This rare earth element block is located in Mallayanapur village, Gundlupet Taluka, Chamrajnagar District, Karnataka.
Rare earth elements play a crucial role in modern technology, including smartphones, electric vehicles, wind turbines, defence systems, and advanced electronics. Hindustan Zinc Chairperson Priya Agarwal Hebbar has expressed the company's interest in exploring opportunities in rare earth elements and seeking global partners for the exploration of critical minerals using AI and drone technology.
During the 59th Annual General Meeting, Hebbar highlighted the company's expansion from being a leading producer of zinc and silver to a multi-metal, future-enabling enterprise.
In 2022, HZL successfully secured a potash block in Rajasthan and has received a letter of intent from the Government of Uttar Pradesh for another Rare Earth Elements block. The company, known as the world's largest integrated zinc producer and among the top 10 silver producers globally, supplies to over 40 countries and holds a 74% market share in India's primary zinc market.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Hindustan Zinc takes a step in the rare earth race economictimes.indiatimes.com
