Hindustan Zinc, a Vedanta Group company, said that it will expand into uranium mining if the government decides to open up uranium mining for private players. Arun Misra, the Chief Executive Officer of Hindustan Zinc, told Reuters that if new uranium blocks are put out for private companies, Hindustan Zinc will be the first to bid.
“We will get into atomic minerals and especially uranium because the country needs it.” Hindustan Zinc CEO said.
Govt policy change on nuclear energy
Earlier last week, Reuters reported that the Indian government is planning to open mining, import and processing of uranium, the primary fuel in nuclear energy reactors, for private companies.
The Indian government plans to expand nuclear power production capacity 12-fold by 2047. India has historically maintained tight control over the sector due to concerns about safety, strategic security and the potential misuse of nuclear materials.
The decision will not only end the public sector monopoly on the sector, but will also lead to billions of dollars of Investment in the nuclear energy sector.
Hindustan Zinc searches rare earth minerals
Along with uranium exploration, Hindustan Zinc is also looking to begin mining rare earth minerals in India. The company won its bid for the rare earth mineral block in Uttar Pradesh earlier this year.
Mishra said that the company has also floated global tenders for companies to explore the potential of the block, where it expects to start extracting neodymium, a rare earth used in magnets for motors and generators, in a five to six-year period.
Besides the critical minerals in India, Hindustan Zinc is also looking for mining lithium, antimony, germanium, copper, and graphite. Misra said that the company is seeking the assistance of firms from Australia, South Africa, Peru, Chile, as well as China for exploration.
Misra said Hindustan Zinc will, meanwhile, ramp up its traditional zinc business, doubling its production capacity to 2 million metric