(Reuters) -Hindustan Zinc will spend 38.23 billion rupees ($437.5 million) to set up a metals reprocessing plant, the Indian miner said on Monday, as a part of its plans to ramp-up capacity.
The new plant, with a processing capacity of 10 million tons per annum, will recover metal from tailing dumps – a phrase used to refer to the piles of waste left behind after the metal is extracted from ores.
The factory will boost the company’s overall mineral recovery, Hindustan Zinc added in its statement, helping its larger aim of doubling its annual capacity to 2 million tons.
In June, Hindustan Zinc announced investment plans of $1.39 billion to set up a metals complex in the northwestern state of Rajasthan, where it already operates a zinc smelter.
($1 = 87.3740 Indian rupees)
(Reporting by Manvi Pant and Hritam Mukherjee; Editing by Janane Venkatraman)
