Hindustan Zinc Limited: Results for the First Quarter Ended June 30, 2019

MUMBAI, India, July 19, 2019

"Production grows as expansion projects approach completion"

Highlights for the quarter

• Refined metal production at 219kt, up 3% y-o-y
• Silver production at 159 MT, up 15% y-o-y
• Mined metal production at 213kt, up 1% y-o-y

MUMBAI, India, July 19, 2019 /PRNewswire/ -- Hindustan Zinc Limited, the leading global integrated producer of zinc, lead and silver, reported its results for the first quarter ended June 30, 2019.

Commenting on the Q1 performance, Ms Kiran Agarwal, Chairman, said, "Our expansion projects are on track and as they near completion, our position as an industry leader with large sustainable operations gets strengthened. We are one of the lowest cost producers with world-class assets which can deliver high returns to all our stakeholders in any market environment."

Mr Sunil Duggal, CEO, said, "We expect production volume to trend up in the coming quarters and along with internal efficiencies, technology and digitisation initiatives, costs to progressively reduce. As we approach the conclusion of 1.2 mtpa expansion, the journey towards 1.35 mtpa has been initiated. For this, we have ramped up our exploration to leverage the potential of existing deposits and new ore bodies to secure our future."

Mr Swayam Saurabh, acting CFO, said, "We are investing to make our operations future ready through digital transformation and environment friendly & cost effective technologies to increase ore-to-metal ratio. Our balance sheet remains one of the strongest in India with zero debt and we have operational discipline to achieve strong cash conversion, generating about $1 bn in free cash flow."