Hindustan Zinc keen to participate in lithium auctions: CEO Arun Mishra

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The CEO of Hindustan Zinc Ltd (HZL) said he is keen to get hold of the lithium assets when they are put on the auction block for auctions.

Lithium reserves of about 5.9 million tons have been identified in the Salal Hemna areas of the Raisi district of Jammu and Kashmir (J&K) for the first time in India.

The said reserves auctions are likely to be held in December. J&K management is in the process of hiring a transaction advisor.

“Sure. Why not?” Hindustan Zinc is already present in the Essential Minerals (ERM). Mishra told PTI when asked about plans to acquire lithium reserves, whatever the source of the lithium.

As the CEO said: “Since base metals are an area of ​​interest (our company) and lithium is one such area, we look forward to exploring opportunities as these metals will be the future that will lead the new world.”

Therefore, HZL is open to participating in auctions for lithium reserves, he said.

Lithium is a non-ferrous metal and is one of the main components of batteries used in electric vehicles (EVs), a sector on the path of growth in India.

On the company’s plan on offer-for-sale (OFS), Mishra said “It is in the hands of the Government of India and I am sure they are looking for a suitable opportunity in the market…”

The government holds about 29.54 percent stake in HZL.

In February, Secretary of the Ministry of Investment and Public Asset Management (DIPAM) Tohin Kanta Pandey said that the government is likely to sell part of its remaining stake in HZL by March to help it meet its revised divestment target of Rs 50,000 crore for FY23.

When asked about the takeover of Zinc International and whether the plan was still in progress, Mishra said “Last financial year when the board meeting was held… it could not be taken up due to lack of consensus among the various stakeholders, including the Government of India.”

So there we are and I don’t think I’ll be able to add any further comment to them.

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