Hindustan Zinc Became 3rd Largest Silver Producer: World Silver Survey 2024

As of April 18, 2024, the Vedanta group company Hindustan Zinc Limited, which produces zinc, lead, and silver, has become the third-largest producer of silver worldwide, according to the World Silver Survey 2024 carried out by “The Silver Institute,” USA. The company’s Sindesar Khurd Mine has risen from fourth to second place in the world rankings for silver production.

Furthermore, the London Bullion Market Association’s (LBMA) acknowledgement of its Pantnagar silver refinery and its listing on the ‘London Good Delivery’ list validate the refinery’s compliance with global quality standards, as evidenced by its 99.99% pure silver LBMA accreditation. The Pantnagar Metal Plant silver refinery of Hindustan Zinc operates entirely on renewable energy, which is entirely in line with the company’s commitment to achieve net-zero emissions by 2050 or earlier.

In the exchange filing, the company stated that it is anticipating a modest 4% recovery in jewellery fabrication in 2024. With this, India is expected to be the biggest contributor, in part as restocking by retailers resumes. The silverware demand is projected to rise by 7%, predominantly driven by India’s robust economic growth and escalating disposable incomes.

Global demand for silver is expected to rise due to solar energy, which is the renewable energy source with the quickest growth rate, with an estimated 440 GW deployed by 2023. Because of its outstanding conductivity, which makes it perfect for touchscreens, circuitry, and connectors, silver is becoming increasingly necessary in conductive materials and components, as evidenced by the proliferation of electrical appliances, electronics, and gadgets.

“Silver plays a pivotal role in the global energy transition, and our recent record silver production of 746 MT paves the way for Atmanirbhar Bharat. Hindustan Zinc’s production growth of 5% year-on-year is attributed to increased ore production and enhanced grades, reinforcing its status as a key player in the global silver market. This remarkable feat has been achieved using innovative technologies and sustainable mining practices, which helped us in optimising the production process while reducing the environmental impact.” said Chairperson of Hindustan Zinc – Ms Priya Agarwal Hebbar.

About Hindustan Zinc Limited

Hindustan Zinc, a Vedanta Group company in the Zinc-Lead and Silver business, is the world’s 2nd largest integrated Zinc producer and now the 3rd largest Silver producer. It enjoys a market share of ~75% of the growing Zinc market in India, with its headquarters at Zinc City, Udaipur.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.