Hindustan Zinc emerges as 3rd largest silver producer globally

Hindustan Zinc: Vedanta conglomerate-owned Hindustan Zinc has emerged as the third-largest silver producer globally, according to the World Silver Survey 2024 conducted by The Silver Institute, USA.

The company's Sindesar Khurd Mine has ascended to the position of the world's second-largest silver-producing mine, a jump from its previous ranking of fourth. 

Priya Agarwal Hebbar, Chairperson of Hindustan Zinc, said, "Silver plays a crucial role in the global energy transition, and our recent record silver production of 746 MT is a testament to Hindustan Zinc's commitment to fostering Atmanirbhar Bharat."

Hebbar attributed the 5 per cent year-on-year production growth to increased ore production and enhanced grades, highlighting the company's pivotal role in meeting the escalating demand for silver worldwide. She stressed the adoption of innovative technologies and sustainable mining practices, which have optimised the production process while mitigating environmental impact.

Hindustan Zinc's Pantnagar silver refinery's recognition by the London Bullion Market Association (LBMA) and its inclusion in the 'London Good Delivery' list validate the refinery's adherence to international quality standards. With LBMA certification guaranteeing 99.99% pure silver, Hindustan Zinc's commitment to excellence is further underscored.

Operating on 100 per cent renewable power, sourced for its operations, Hindustan Zinc's silver refinery at Pantnagar Metal Plant aligns seamlessly with the company's pledge to achieve net-zero emissions by 2050 or sooner, the company said in a statement.

The surge in silver demand, propelled by the rapid expansion of the solar industry and the proliferation of electronic devices, underscores the strategic importance of Hindustan Zinc's silver production.

Anticipating a modest 4 per cent recovery in jewellery fabrication in 2024, India is expected to emerge as a major contributor, driven by robust economic growth and rising disposable incomes. Furthermore, the rising demand for silverware, particularly in India, underscores the metal's enduring appeal across various sectors.

Hindustan Zinc shares rose 3.67 per cent to an intraday high of Rs 415.55 apiece on the National Stock Exchange on Thursday, April 18, 2024.