Vedanta group’s Hindustan Zinc Limited (HINDZINC | 500188 | INE267A01025), a prominent player in the zinc-lead-silver sector, has achieved the significant milestone of becoming the third-largest silver producer worldwide, according to the World Silver Survey 2024 by ‘The Silver Institute’, USA. This ascent in rankings is underscored by the performance of its Sindesar Khurd Mine, now standing as the world’s second-largest silver-producing mine, a notable climb from its previous fourth position.
Chairperson of Hindustan Zinc, Ms. Priya Agarwal Hebbar, remarked on this accomplishment, stating, “Silver plays a pivotal role in the global energy transition, and our recent record silver production of 746 MT lays the groundwork for Atmanirbhar Bharat.” She attributed Hindustan Zinc’s 5% year-on-year production growth to increased ore production and enhanced grades, solidifying its position as a significant player in the global silver market. This achievement, she emphasized, was made possible through innovative technologies and sustainable mining practices, optimizing production processes while minimizing environmental impact.
The recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and its inclusion in the ‘London Good Delivery’ list further validates the refinery’s adherence to international quality standards. The LBMA certification of 99.99% pure silver attests to its commitment to excellence. Operating solely on renewable power sources, Hindustan Zinc’s silver refinery at Pantnagar Metal Plant aligns seamlessly with its commitment to achieving net-zero emissions by 2050 or sooner.
Globally, the rapid growth of solar energy, with approximately 440 GW installed in 2023, is expected to drive silver demand. Additionally, the increasing prevalence of electrical appliances, electronics, and gadgets underscores the growing need for silver in conductive materials and components, owing to its exceptional conductivity, ideal for touchscreens, circuitry, and connectors.
India is anticipated to witness a modest 4% recovery in jewelry fabrication in 2024, with the country expected to be the largest contributor, partly due to the resumption of restocking by retailers. Silverware demand is projected to increase by 7%, primarily driven by India’s robust economic growth and rising disposable incomes.