Hindustan Zinc plans $ 1 billion worth of green growth
MUMBAI : Hindustan Zinc Ltd (HZL), the world’s second largest miner of zinc, lead and silver, will invest $ 1 billion over the next five years to make its mining operations green, said CEO Arun Misra.
HZL plans to expand its zinc, lead and silver mining capacities from 1.2 million tons to 1.5 million tons. The company is currently deploying 600-700 underground mining equipment that could increase to 900 after the expansion, Misra said in a phone interview from Dubai Expo 2020.
“Most devices run on either diesel or cable electricity. So this year we’re testing two sets of battery-powered devices. In five years’ time, we would be introducing all the equipment that needs to be replaced (nearly 200 devices replaced every year) only electrical and battery operated equipment, and that would result in the mines being diesel-free and having a low carbon footprint. “said Misra.
The company plans to charge the devices with its own capacity of 40 MW solar power and 275 MW wind power. “In order for India Inc. to move to net zero, the government must develop favorable policies to help industries transition. The need is real and the timing is perfect. Actually, it should have happened yesterday. I am sure that at least 30% of India Inc. will switch to renewable energy by 2035, “Misra said, adding that all countries must make their fair contribution to responding to climate change.
While Reliance Industries Ltd in India plans to zero CO2 by 2030, Birla Carbon of the Aditya Birla Group, a manufacturer of carbon black, has a target of 2050. The Adani Group plans to increase its renewable power generation capacity to 63 over the next four years. triple% of its production from 21% now and turn its ports to net zero carbon by 2025.
Net zero means reducing greenhouse gas emissions as much as possible and then offsetting additional emissions by absorbing an appropriate amount from the atmosphere, for example by planting trees.
“Developed countries must take the lead in sustainable finance, clean technology transfer and partnership, and the rest of the emerging economies will continue their carbon-neutral journey,” added Misra.
The HZL joined the Taskforce on Nature-related Financial Disclosures (TNFD) this week, which will enable it to work with TNFD members to provide a market-driven framework for reporting and actions related to evolving nature-related risks. TNFD will organize outreach programs in all regions to raise awareness of the criticality of climate change and play an important role in combating environmental and biodiversity loss and supporting the transition to a positive ecological future.
On the price front, Misra said while zinc should stabilize around $ 2,800 per tonne to $ 3,100 per tonne, he’s not sure about precious metals like gold and silver, both of which have seen a downward trend.
HZL, which plans to build a fertilizer factory, is in the process of appointing a CEO for the fertilizer business. “We will soon have a professional CEO running the fertilizer business. We are on the drawing board, we are working on the environmental clearance and I hope this financial year will see the reality of our fertilizer project, ”said Misra.
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