HZL_de-facets of disinvestment of PSU

8/11/2019 HZL_de-facets of disinvestment of PSU

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Due Diligence of Hindustan Zinc

PSU Disinvestment through

Stratergic sale


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Overview of the presentation

Brief Snapshot of Hindustan Zinc Limited (HZL)

Analysis of mines/smelters, assets, employees

Past Financials

Zinc Industry

Investment Perspective

Valuation

Time table for future

Transaction Details

Transaction Documents


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Brief Snapshot of HZL

Only integrated primary producer of zinc & lead in

the country

Accounts for almost 80% of the countrys zinc

production

Headquartered in Udaipur

Owns 6 mines (operates 4) and 4 smelters


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Capacities & Production

11 mths 12 mths (est)

Zn Ingots 161,300 MT 180,000 MT

PRODUCT CAPACITY PRODN. 2000-01 PRODN. 2001-02(9 mths)

Zn Ingots 169,000 MT 148,092 MT 132,542 MT

Lead Ingots 43,000 MT 34,840 MT 28,993 MT

Silver 86,000 kg 35,127 kg 36,946 kgSulphuric Acid 338,000 MT 271,714 MT 239,162 MT

Cadmium Ingots 740 MT 277 MT 298 MT

Copper Cathode 2,100 MT 213 MT 128 MT


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Mines & Smelters


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Mines - Details

MINE RAMPURAAGUCHA RAJPURADARIBA ZAWAR AGNIGUNDALA

Ore with Grade Lead-Zinc

Zn 13.70%

Pb 1.90%

Lead-Zinc

Zn 8.00%

Pb 2.10%

Lead-Zinc

Zn 4.63%

Pb 2.40%

Lead

Pb 2.10%

Capacity 4500 tpd 2400 tpd 4000 tpd 240 tpdType Open Pit Underground Underground Underground

Estimated Life 23 yrs 15 yrs 10 yrs (750,000 tpa)

+8 yrs (300,000 tpa)

11 yrs

Lease renewed

upto

March 13, 2020 May 29, 2010 March 29, 2010 November 21, 2013

Nearest City Bhilwara80 km Udaipur 80 km Udaipur 44 km Guntur 25 km

Cost of

Production

(2001-02)

Rs. 5,691 / MT Rs. 17,326 / MT Rs. 16,863 / MT Rs. 16,425 / MT


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Global Mining Cost Comparison

MINE RAMPURAAGUCHA

RAJPURADARIBA

ZAWAR

Cost of Production (Rs./T of

concentrate)

5,691 17,326 16,863

Concentrate Grade 54% 51% 55%

Cost of Production ($/T of

metal)

216 697 629

Breakeven cost at LME of

$800/MT and related TC/RC

321 321 321

Breakeven cost at LME of$900/MT and related TC/RC 380 380 380

Breakeven cost at LME of

$1000/MT and related TC/RC

439 439 439

Scope for improvement ($/MT

of metal)

- 376 / 317 / 258 308 / 249 / 190


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Smelters - Details

SMELTER CHANDERIYA DEBARI VIZAG TUNDOO

Metal Zinc & Lead Zinc Zinc Lead

Capacity Zinc 70,000 tpa

Lead35,000 tpa

59,000 tpa 40,000 tpa 8,000 tpa

Process Zinc

ISP

LeadPyro

Electrowinning Electrowinning Pot Sintering

Recovery

(2000-01)

Zinc 90.67%

Lead89.86%

95% 87% 87.15%

Nearest City Bhilwara45 km Udaipur 15 km Vizag Dhanbad 36 km

Cost of

Production

(2001-02)

Zn - Rs. 35,379 / MT

PbRs. 30,802 / MT

Rs. 53,150 / MT Rs. 53,344 / MT Rs. 59,848 / MT
http://localhost/var/www/apps/conversion/tmp/Local%20Settings/Temporary%20Internet%20Files/Content.IE5/Zn_Capacities.xls


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Global TC/RC Comparison

SMELTER CHANDERIYA DEBARI VIZAG

Cost of Zn Production

(Rs./MT)21,782 32,863 32,244

Cost of Zn Production

($/MT)447 674 661

TC/RC ($/MT of metal) at

LME of $800/MT479 479 479

TC/RC ($/MT of metal) at

LME of $900/MT520 520 520

TC/RC ($/MT of metal) atLME of $1000/MT

561 561 561

Scope for improvement

($/MT of metal)- 195 / 254 / 213 182 / 141 / 100


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Employees


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Employees

WORKMEN EXECUTIVES TOTAL CONTRACT

as on 30.6.01

As on 30.9.2000 9,482 1,339 10,821 3,254

As on 24.10.2001 8,625 1,306 9,931

VRS Accepted &

Paid

1,348 228 1,576

As on 1/3/02 7,277 1,078 8,355 3,254


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Employees (as on 1/3/02)Break-upEXECUTIVES WORKMEN TOTAL CONTRACT

(as on 30.6.01)

Smelters:

1. Chanderiya 184 631 815 652

2. Debari 100 1,022 1,122 456

3. Vizag 117 898 1,015 531

4. Tundoo 33 514 547 45Mines:

1. Rampura Agucha 110 606 716 490

2. Rajpura Dariba 113 1,201 1,314 422

3. Zawar Mines 180 1,822 2,002 375

4. Agnigundala 19 170 189 130

5. Sargipalli 32 1 33 0

6. Maton 16 23 39 3

Others 174 389 563 150

TOTAL STAFF 1,078 7,277 8,355 3,254


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Other Assets


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Other AssetsCity Location Nos. Nature Area (sq.ft)

Jaipur Bani Park (Flat) 2 Owned 1050 x 2

Bani Park (Flat) 1 Owned 1,650

Bangalore M. G. Road (Office) 1 Rented 1,139

Vijaynagar (Flat) 1 Owned 1,075

Vijaynagar (Flat) 1 Owned 1,278

Vijaynagar (Garage) 1 Owned 203

Delhi Nehru Place (Office) 1 Rented 1,290

Nehru Place (Office) 1 Rented 645

SCOPE-Lodi Road 1 Rented 1,079

SCOPE-Laxmi Nagar 1 Rented 6,000

Asiad Village (Flat) 1 Rented 1,241

Ring Rd. Lajpat Nagar

Guest House

1 Rented 6,600

Ghaziabad Devika Apartments 4 Owned 1020 x 4

Hyderabad Saifabad (Office) 1 Owned 3,613

Saifabad (Garage) 1 Owned 200

Saifabad (Flat) 1 Owned 1,714


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Other AssetsCity Location Nos. Nature Area (sq.ft)

Mumbai Nariman Pt. (Office) 1 Rented 1,650

Santacruz (East) - Flat 1 Owned 580



Borivili (East) - Flat 1 Owned 1,100

Borivili (East) - Flat 1 Owned 1,100

Kolkata A. J. C. Bose Rd., Tollygunge 2 Owned 1159 x 2

Car park 1 Owned

CIC Bldg, (Flats) 2 Owned 2324 x 2

(Car Park) 1 Owned 200

Udaipur H OYashad Bhawan Owned approx. 30,000


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Past Financials


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Summary P&L AccountsPastRs. mn.

1998-99 1999-2000 2000-01 2001-02(9 mths)

Net Sales 11,258 13,144 14,436 9,179

Other Income 368 499 198 237

Total Income 11,625 13,643 14,634 9,415

Total Expenditure 9,362 11,042 11,200 8,006

PBDIT 2,263 2,601 3,434 1,409

Depreciation 572 670 577 459

Interest 152 105 25 168

VRS amortised 290

PBT 1,539 1,826 2,832 494

PAT 763 904 1,692 218

Cash profit excluding

extraordinary items

1,417


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Summary Balance Sheet - Past

Particulars(Rs. mn.)

31.3.1999 31.3.2000 31.3.2001 31.12.2001(provisional)

Share Capital 4,225 4,225 4,225 4,225

Reserves & Surplus 5,572 6,218 7,377 7,642

Loans 940 150 57 642

Net Fixed Assets 6,557 6,482 6,642 6,485

Investments 830 830

Current Assets 7,163 8,676 7,649 7,045

Current Liabilities 2,983 4,564 3,462 3,008

Net Current Assets 4,180 4,112 4,186 4,037
http://localhost/var/www/apps/conversion/tmp/Local%20Settings/Temporary%20Internet%20Files/Content.IE5/U32LYBAT/Financial%20Projections_Final_March%202002.xls


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Cashflow Statement - Past(Rs. mn.) 1999-2000 2000-2001 2001-02 Q1-3

Opening Cash Balance 1257 1658 695

Sources

Net Cash Accruals 1574 2319 265

Increase in Loan Funds - - 600

Sale of Fixed Assets - - 158

Total 1574 2319 1023Uses

Decrease in Loan Funds 789 94 15

Inc./(Dec.) in Net Working Capital -469 1038 1433

Purchase of Fixed Assets 595 738 -

Purchase of Investments - 830 0

Dividend paid 258 582 -

Total 1173 3282 1448

Surplus/(Deficit) 401 (963) (435)

Closing Cash Balance 1658 695 260


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Key Ratios

Ratio 1998-99 1999-2000 2000-01

Current Ratio 2.18 1.53 2.14

Debt:Equity 0.09 0.01 0.00

RONW (%) 7.79 8.66 14.58

ROCE (%) 14.97 20.01 26.33

BVPS (Rs.) 23.19 24.72 27.46

EPS (Rs.) 1.81 2.14 4.00

Dividend (%) 4.25 5.5 12.5


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Realisations2000-01Tonnage of Zn-Pb 182,932

Rs. mn. Rs./MT %

Realisation (incl. Other income) 14,634 79,998 100.00%Variable Costs Raw Materials 2,278 12,451 15.56%

Power & fuel 2,628 14,368 17.96%

Other factory expenses 109 597 0.75%

Total 5,015 27,416 34.27%

Contribution 9,619 52,582 65.73%

Fixed Costs Salaries & Wages 2,790 15,254 19.07%

Other fixed expenses 3,394 18,555 23.19%

Total 6,185 33,809 42.26%

Total Expenditure 11,200 61,225 76.53%

PBDIT 3,434 18,773 23.47%

Depreciation 577 3,156 3.95%

Interest 25 135 0.17%

PBT 2,832 15,481 19.35%

Tax provision 1,130 6,177 7.72%

PAT (incl. Prior items) 1,692 9,250 11.56%

Net Cash Accruals 2,279 12,460 15.58%


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Realisations31.12.2001Tonnage of Zn-Pb 161,535

Rs. mn. Rs./MT %

Realisation (incl. Other income) 9,882 61,172.55 100.00%

Variable Costs 4,243 26,266.32 42.94%

Contribution 5,639 34,906.23 57.06%

Salaries & Wages 2,265 14,020.24 22.92%

Other fixed expenses 1,964 12,161.32 19.88%

Fixed Costs 4,229 26,181.56 42.80%

Total Expenditure 8,472 52,447.88 85.74%

PBDIT 1,409 8,724.67 14.26%

Depreciation 459 2,840.87 4.64%

Interest 168 1,038.17 1.70%

PBT 289 1,789.33 2.93%

Tax provision 494 3,056.30 5.00%

PAT 211 1,308.08 2.14%

Net Cash Accruals 959 5,938.28 9.71%


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Unit-wise Profitability

MINES SMELTERS

Zawar RD RA Debari Vizag Chanderiya

Employees

Workmen 1822 1201 606 1022 898 631

Executives 180 113 110 100 117 184

Base Production (T) Zn Concentrate Zn Metal

43,457 36,091 306,052 57,000 37,000 86,000

Cash profit (Rs. mn.) -127.78 -170.06 1,014.02 210.01 189.52 1,027.58

Pb Concentrate Pb Metal

17,605 7,799 18,325 33,000

Cash profit (Rs. mn.) 73.24 22.96 164.12 220.92

Total Cash Profit (Rs.

mn.)-54.53 -147.11 1,178.14 210.01 189.52 1,248.50


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Unit-wise Profitability

MINES SMELTERS

Zawar RD RA Debari Vizag Chanderiya

Production with capex

(T)Zn Concentrate Zn Metal

54,322 57,745 306,052 57,000 37,000 86,000

Cash profit (Rs. mn.) -103.26 -179.93 1,014.02 210.01 189.52 1,027.58

Pb Concentrate Pb Metal

22,007 12,478 18,325 33,000

Cash profit (Rs. mn.) 101.36 36.73 164.12 220.92

Total Cash Profit (Rs.

mn.)

-1.90 -143.20 1,178.14 210.01 189.52 1,248.50

VRS Cost (Rs. mn.) 1,591.5 1,042.0

Production of RD & Zawar mines can be substituted by increasing RA

production from 18 lakh tonnes to 23 lakh tonnes


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Major World CapacitiesRefined ZincCOMPANY CAPACITY (MT) %

Pasminco 656,000 12.59%

Korea Zinc 628,000 12.06%Union Miniere 476,000 9.14%

Cominco 391,000 7.51%

Asturiana (now with Xstrata) 335,000 6.43%

Glencore 307,000 5.89%

Falconbridge 245,000 4.70%

Noranda 244,000 4.68%Mitsui 239,000 4.59%

Outokumpu 225,000 4.32%

Metaleurope 224,000 4.30%

Industrias Penoles 220,000 4.22%

MIM 174,000 3.34%

Hindustan Zinc 169,000 3.24%

Zinc Corp America 148,000 2.84%

Norzink 143,000 2.75%

Grupo Mexico 105,000 2.02%

MG 100,000 1.92%

Padaeng 95,000 1.82%

Anglo American 85,000 1.63%

5,209,000 100.00%


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Consumption Pattern

49%

20%

14%

9%

8%

Galvanizing Brass & Bronze Zinc Alloys Chemicals Semi-manufactures


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Current Global Scenario

USA is the single largest consumer of Zinc (1.6 mn.

tonnes)

Europe is the single largest continent which consumes

Zinc (

2.3 mn. tonnes) World Production has grown by 6.4% in 2000 and

2.4% (in 2001)

World Zinc Consumption which grew by 6.3% in 2000

has reduced by 1.1% in 2001

Zinc prices continue to slide. In real terms, the lowest

level since the early 1940s


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LME Prices (Current Levels)

Cash = $ 813 / MT

18 mth Forward = $ 883 / MT

27 mth Forward = $ 913 / MT


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Current Indian Scenario

Zinc consumption in India higher compared toproduction

70% met internally, rest imported

Lower per capita consumption implies potential for

growth (0.24 kg compared to 0.8 kg in Brazil and 4 kg

in USA)

HZL & Binani Zinc, the only domestic producers, with

HZL being around 6 times the size of Binani


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Zinc - Production in India

29.

273

28.

321

31.

175

29.

162

29.

923

111.149

136.271 141.806 145.796

148.092

0

25

50

75

100

125

150

1996-97

1997-98

1998-99

1999-00

2000-01

'000

tonnes

BZL HZL


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Expected Global Scenario

Demand for Zinc is expected to remain stagnant

LME price to remain depressed in the short-term due to

surplus production and stocks

Future Outlook bright

2002 2003 2004 2005

Consumption (tonnes) 9,025,000 9,408,000 9,663,000 9,927,000

Supply (tonnes) 9,400,000 9,625,000 9,770,000 9,943,000

Supply/Demand Balance (tonnes) 375,000 217,000 107,000 16,000

LME Cash ($/tonne) 900 1050 1100 1150

Source: Barclays Capital


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Expected Indian Scenario

Indian Zinc demand expected to remain in line with the

economy though in the future it is expected to increase

due to infrastructural projects taking shape.

Supply-demand scenario unlikely to affect productionunless domestic prices continue to fall, in line with

LME price


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Overall Assessment of Investment


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Strengths

Track record of profit making

Ore grade in Rajpura Dariba and Rampura Aguchamines fairly high compared to grades availableinternationally

The Company has sites where preliminary explorationwork has commenced and indicates quality reserves

The Rampura Agucha mine has substantial reserves ofhigh quality and the cost of mining is also low

Debt-free company


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Strengths

Has net working capital exceeding Rs. 4000 mn.

Assets are available when Zinc LME at historical low

Reasonably professional management with faircommercial orientation

Conservative accounting practices maintained

Unforeseen liability unlikely write-backs possible

Huge other properties in terms of offices, residentialpremises/housing colonies

The staff members have not exhibited any overt signs ofhostility towards the process of privatisation


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Concern Areas

Zinc industry highly dependent on steel industry

Demand forecast for Zn not encouraging

Scattered locations of mines and smelters

Analysis of cost structures reveals that only RA mine is

viable at current LME levels

Profitability of the company sensitive to changes in

import duty structure(reduction) or fall in world prices Quality of rock at the RD mine

The availability of water in Rajasthan dependent on

annual rainfall.


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Concern Areas

Power costs are high

Salaries and wages is a large component of the total costs

Sargipalli and Maton mines are being closed. The non-VRS costs of the closure, if any, would need to be

examined in detail. Agnigundala mine and Tundoo

smelter are also in the process of being closed. The

closure costs of these have to be examined.

Company produces significant amount of PW grade zinc

which has low demand and lower margins

Companys equity base is very high


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Assumptions Underlying Future

Projections and Valuation

A i


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Assumptions

ProductionBased on capacity

Pricing

LME-based, landed cost

Insurance & Freight etc is assumed at USD 30/t

Import Duty Structure as below

2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08

Rate (%) 35 25 25 20 20 20 20

Clearance and domestic costs have been assumed at Rs. 1500/tCVD and SADD assumed at flat 16% and 4% respectively in the

calculation of effective duty

INR to depreciate at 5% p.a. against the USD


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Valuation


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Valuation

Book Value

Discounted Cash Flows

Comparable multiples Market Price

Other qualitative factors

Intangibles

Contingent and hidden liabilities


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DCF Valuation

DCF Valuation Parameters

Risk free rate = 8.00%

Market rate of return = 14.39%

Stock Beta = 1.2 (or 120%) Growth rate to perpetuity = 2.00%

Cost of Equity = 15.67%


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Transaction Details


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Shareholding on offer

GoI disinvestment in HZL26%

Open offer to be made subsequent to acquisition of

GoI stakeMinimum 20% Buyers Call Option: 6 months from Closing Date for

a period of 1 year - Upto 18.92%

GoIs Put Option: 30 months from Closing Date for a

period of 1 year Upto GoI stake of 26%

Buyers Second Call Option: 5 years from Closing

DateAll remaining GoI shares


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Share Purchase Agreement

1. Non-disposal Undertaking of 3 years2. Lock-in of shares for 3 years

3. Subsequent to successful bid, Open Offer for a

minimum of 20% stake mandatory4. Buyers Call Option - 6 months after closing date upto

18 months (Upto 18.92%). {at higher of Bid Price or

Market Value}

5. GoIs Put Option - 30 months after closing date upto

42 months (GOI retaining stake of 26 % to 31%). {at

the higher of Bid Price or Market Value}


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Critical clauses in the Agreements

6. SP Second Call Option5 years after closing dateall remaining shares of GoI {Fair Market Value asdetermined by independent valuer}

7. Right of First Refusal continues between SP & GoI

for 18 months from closing date8. No Tag-along or Drag-along clause

9. Post Closing adjustment removed. (Existing inBALCO)

10. GoIs right to inspect accounts removed


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Critical clauses in the Agreements

11. Embargo on further Capitalization for 2 years*

12. Only the items requiring 75% majority are listed as

veto rights under the SHA

13. GoI has reserved the right to offer 5% of the Sharesto HZL employees directly

* (except with the consent of the GoI)


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Future Projections

Profitability Projections


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Profitability ProjectionsRs. mn. 2001-02 2002-03 2003-04 2004-05

LME Price of Zn SHG

($/t)

H1880

H2

765

800 850 900

Tonnage of Pb-Zn 218,000 218,000 218,000 219,000

Net Sales 12,619 11,961 13,511 15,170

Other Income 292 150 150 150

Total Income 12,911 12,111 13,661 15,320

Total Expenditure 11,082 11,439 11,996 12,802

EBITDA 1,829 672 1,665 2,518

Depreciation 687 717 758 771

Interest 28 0 0 0

Other Liabilities 139 0 0 0

VRS Amortised 289 405 405 405

PBT 685 -449 502 1,342

PAT 508 -449 464 825


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Profitability Projections

Rs. mn. 2001-02 2002-03 2003-04 2004-05PBDIT / Sales 14.16% 5.55% 12.19% 16.44%

PAT / Sales 3.94% -3.71% 3.39% 5.39%

EPS (Rs.) 1.20 -1.06 1.10 1.95

Net Cash Accruals (Rs. mn.) 1,484 672 1,627 2,001

RONW 4.36% -3.85% 3.82% 6.37%

ROCE 5.58% -3.85% 3.82% 6.37%


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Balance Sheet Projections

Particulars

(Rs. mn.)

31.3.2002 31.3.2003 31.3.2004 31.3.2005

Share Capital 4,225 4,225 4,225 4,225

Reserves & Surplus 7,886 7,436 7,900 8,725

Loans 0 0 0 0

Gross Fixed Assets 14,887 15,547 16,207 16,407

Net Fixed Assets 6,395 6,339 6,240 5,669

Current Assets 6,737 6,106 7,134 9,023

Current Liabilities 3,008 2,943 3,004 3,092

D:E Ratio 0 0 0 0

Current Ratio 2.45 2.52 2.36 2.65

C hfl P j ti


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Cashflow ProjectionsParticulars (Rs. mn.) 2001-02 2002-03 2004-05 2005-06

Opening Balance 695 5 633 1,557

Sources of Funds

Funds from operations 1,829 672 1,665 2,518

Inc. in term loans 0 0 0 0

Dec. in NWC 409 658 0 0

Total 2,238 1,330 1,665 2,518

Use of Funds

Inc. in Fixed Assets 440 660 660 200

Inc. in NWC 0 0 144 179

Dec. in term loans 57 0 0 0

VRS Payments 1,445 578 0 0

Other Payments 926 0 39 517

Total 2,868 1,238 843 896

Surplus/(Deficit) (630) 92 822 1,622

Closing Balance 65.00 157.00 979.00 2,601.00


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Cost Structures


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RD MinesCost Structure

38%

17%

8%

6%

5%

5%

9%

12%

Salaries & Wages

Power

Royalty

Stores

R&M

Depreciation

Others

Admn. Expenses


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Zawar MinesCost Structure

46%

18%

8%

8%

3%

6%

6%

5%

Salaries & Wages

Power

Royalty

Stores

R&M

Depreciation

Others

Admn. Expenses


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RA MinesCost Structure8%

18%

29%

7%

7%

0% 4%

27%

Salaries & Wages

Power

Royalty

Stores

R&M

Depreciation

Others

Admn. Expenses


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Debari SmelterCost Structure

35%

45%

3%

4%0% 4%

9%Power & Fuel

Feed Material

Stores & Chemicals

Salaries & Wages

R&M

Depreciation

Others


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Chanderiya SmelterZn Cost Structure

23%

43%

13%

5%

6%

5%

5%

Power & Fuel

Feed Material

Stores & Chemicals

Salaries & Wages

R&M

Depreciation

Others


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Chanderiya SmelterPb Cost Structure

21%

51%

9%

5%

6%

4%

4%

Power & Fuel

Feed Material

Stores & Chemicals

Salaries & Wages

R&M

Depreciation

Others


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Comparable Multiples


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Comparable Multiples

COMPANY EV / EBITDA PRICE / BV2002

Pasminco 1.60 0.10

Falconbridge 5.40 1.00

Penoles 4.20 0.50Teck Cominco 5.10 0.70

Noranda 4.40 0.80

Xstrata 6.50 1.00

MIM 5.10 0.70

Grupo Mexico 10.70 0.50

Average 5.38 0.66

HZL Value (Rs. / Share) 16.53 18.61

Share Values


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Book Value (31.3.2001) Rs. 25.46

Book Value (30.9.2001) Rs. 27.06

Market Price as per SEBI Guidelines Rs. 18.39

(Rs. / Share) Full Equity

(@ 15.47%)

D:E = 1

WACC =

12.94%

D:E = 1.5

WACC =

13.26%

Fully

Levered

11%

1) LME plateau at $900/t 18.07 19.73 20.18 22.69

2) LME plateau at $1000/t 27.41 30.10 30.83 34.91

3) LME constant at $765/t 2.13 2.29 2.33 2.59

4) 1 + VRS for 2118 people 19.78 21.66 22.18 25.02

5) 1 + closure of condemned units 19.05 20.83 21.32 24.02

6) RA Mine + 3 Smelters 21.70 23.72 24.27 27.31

7) RA Mine+Chanderiya&Debari Smelters 20.90 22.84 23.37 26.30

8) RA Mine+Chanderiya&Vizag Smelters 20.75 22.69 23.22 26.15

9) RA Mine + Chanderiya only 20.51 22.44 22.96 25.88

10) LME at $750/t, Rupee dep. @ 3%,

import duty 35/25/20/15/10, COP/t to reduce

to Rs. 50,000/Rs. 45,000

15.61 17.08 17.48 19.70


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Past Financial Analysis


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Strategic Perspective

Sterlites presence in non-ferrous metals CopperOriginally present

AluminiumAcquisition of BALCO

GoldProspecting in Armenia

ZincNatural extension of presence in the non-ferrous area

Zinc industry less volatile than those of Copper andAluminium

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