Hindustan Zinc declares interim dividend of Rs6 per share
Hindustan Zinc, a unit of Vedanta Ltd., has declared a second interim dividend of Rs6 per share. This would lead to an outflow of ₹3,051cr, including dividend distribution tax. The firm has fixed March 26 as the record date.
Hindustan Zinc informed the exchanges that the Board of Directors of the Company at their meeting held on March 16, 2018, have considered and approved the second interim dividend on face value of Re2 per equity share for the financial year 2017-18.
HZL is a mining company that produces and refines zinc, lead and silver. It is the second largest producer of zinc globally and is in the lowest decile for cost of production in the world. HZL aims to move completely to underground mining by FY20 with a mining capacity of 17.5mn tonnes per annum. This plan was part of 6-year expansion plan (started in FY14) with a capex of $1.6bn. The mined metal production for zinc-lead in 9MFY18 stood at 6.93 lakh tonnes (up 16% yoy). The production of refined zinc-lead and silver stood at 7.04lakh tonnes (up 28% yoy) and 387 tonnes (up 24% yoy).