On June 17, Hindustan Zinc (HZL), India’s largest producer of refined zinc, announced board approval for a 120 billion Indian rupees (approx. $1.39 billion) capacity expansion project. The company will build a new 250,000-tonne-per-year integrated metals complex near its existing smelting operations in Rajasthan. The project is expected to be completed within 36 months and will begin generating cash flows in its fourth year. According to CEO Arun Misra, this marks the first phase of a broader expansion strategy, with further announcements planned within the next one to two months. HZL aims to nearly double its annual production from 1.02 million tonnes to 2 million tonnes over the next five years. The total estimated capital expenditure is projected at 320–350 billion Indian rupees, funded through internal accruals and debt. The current phase also includes an additional 30,000 tonnes of capacity for silver-bearing materials (e.g. anode slimes). Silver is HZL’s second-largest business, and the company plans to expand its refined silver production capacity from 800 tonnes to 1,500 tonnes per year. HZL currently operates three zinc-lead smelters—Chanderiya, Debari, and Dariba—in Rajasthan, with a combined annual output capacity of approximately 1.1 million tonnes for both refined zinc and refined lead.