Binani Zinc secures long-term contract rights from Australia | mumbai | Hindustan Times
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Binani Zinc secures long-term contract rights from Australia

mumbai Updated: Apr 14, 2010 18:28 IST

Binani Zinc Ltd (BZL), pioneer of zinc manufacturing in India, today announced that it has secured long-term supply of zinc concentrates from Australia.

Binani Zinc has through its Australian subsidiary BZ Minerals (Australia) Pty Ltd, secured a first right of refusal over 65 per cent of zinc concentrates produced from the Lennard Shelf Project of Meridian Minerals Ltd in Western Australia, a company statement said here.

Binani has agreed to a AUD 2 million equity investment in Meridian Minerals and a Euro 6 million loan facility for the advancement of the Lennard Shelf Project, subject to Government approvals, the release said.

The project aims to exploit zinc and lead deposits in the region to produce high-grade and clean metal concentrates. Commercial production of concentrates is expected to commence by the third quarter 2012.

Meridian Minerals is a Queensland based diversified resources company, formed in 2007 having interests in zinc-lead, projects located in the Kimberley region of Western Australia and gold and gold-copper projects in New South Wales.

Binani Industries Ltd (BIL), part of Braj Binani Group holds 91 per cent shares of Binani Zinc. Binani Industries has over 2000 employees and a group turnover of over USD 500 million and a market cap of over USD 70 million. The Group has interests in zinc, cement, glass fibre and composites and has operating interests in India, China and Middle East.