Mumbai Hindustan Zinc Limited (HZL), the world’s second largest zinc, lead and silver mining company, will invest $1 billion over the next five years to make its mining operations eco-friendly, Chief Executive Arun Mishra said. .
HZL plans to increase its zinc, lead and silver mining capacity from 1.2 million tonnes to 1.5 million tonnes. The company currently deploys 600-700 underground mining equipment, which could go up to 900 after expansion, Mishra said in a phone interview from Dubai Expo 2020.
“Most of the equipment runs on either diesel or cable power. So, this year, we’re trying on two sets of battery-powered devices. In five years, of all equipment that goes into replacement (about 200 tools are replaced every year), we will include only electrical and battery-powered equipment, and this will free mines from diesel consumption and have a reduced carbon footprint. . Mishra said.
The company plans to charge the devices with a captive capacity of 40MW of solar power and 275MW of wind power. “For India Inc to go net-zero, the government will have to work out a conducive policy to help industries transition. The need is real, and the timing is just right. In fact, it should have been done yesterday. I am sure that by 2035 I see at least 30% of India Inc moving to renewable energy consumption,” Mishra said, adding that all countries need to give their fair share in responding to climate change.
In India, while Reliance Industries Ltd plans to go net carbon zero by 2030, Birla Carbon of Aditya Birla Group, maker of carbon black, has set a target of 2050. Adani Group plans to triple its renewable energy generation capacity to 63 in the next four years. Its production percentage from 21% now and make your ports net carbon zero by 2025.
Net-zero means reducing greenhouse gas emissions as much as possible and then balancing any other releases by absorbing a similar amount from the atmosphere, for example, by planting trees.
“Developed countries should lead the way in sustainable financing, clean technology transfer and partnerships, and the rest of emerging economies will continue their carbon-neutral journey,” Mishra said.
HZL this week joined the Task Force on Nature-Related Financial Disclosure (TNFD), which will allow it to work with TNFD members to provide a market-based framework to report and act on developing Nature-related risks. To be. TNFD will conduct outreach programs across geographies to raise awareness of the seriousness of climate change and play a vital role in helping tackle environmental and biodiversity loss, helping in the transition towards a positive environmental future.
On the pricing front, Mishra said while zinc should stabilize at $3,100 a tonne from $2,800 a tonne, he is not sure about precious metals like gold and silver, both of which have seen a decline.
HZL, which is planning to set up a fertilizer plant, is in the process of appointing a CEO for the fertilizer business. “We will soon have a professional CEO to run the fertilizer business,” Mishra said.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.