Hindustan Zinc Limited, a Vedanta group company, on Thursday announced that it has now become the third largest silver producer globally as per the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA. “The company’s Sindesar Khurd Mine now stands as the world’s second largest silver-producing mine moving up from last year’s fourth position,” the company said in a regulatory filing.
Priya Agarwal Hebbar, Chairperson of Hindustan Zinc, said, “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 per cent 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 optimizing the production process while reducing the environmental impact.”
Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and inclusion in the ‘London Good Delivery’ list reaffirms the refinery’s adherence to international quality standards, marked by LBMA certification of 99.99 per cent pure silver. Operating on 100 per cent renewable power, Hindustan Zinc said, its silver refinery at Pantnagar Metal Plant aligns seamlessly with the company’s pledge towards achieving net-zero emissions by 2050 or sooner.
Anticipating a modest 4 per cent recovery in jewellery fabrication in 2024, India is expected to be the biggest contributor, in part as restocking by retailers resumes. The silverware demand is projected to rise by 7 per cent, predominantly driven by India’s economic growth and escalating disposable incomes.