Infrastructure
Hindustan Zinc Emerges As Third-Largest Global Silver Producer
HZL Pantnagar silver refinery
Hindustan Zinc Limited, a subsidiary of the Vedanta Group, has now become the third-largest silver producer globally, according to the 2024 World Silver Survey conducted by ‘The Silver Institute’ in the USA.
In a recent regulatory filing, the company announced that its Sindesar Khurd Mine in Rajasthan has ascended to the position of the world's second-largest silver-producing mine, moving up from last year’s fourth position.
Additionally, the company's Pantnagar silver refinery has received the London Bullion Market Association (LBMA) certification of 99.99 per cent pure silver.
The global surge in solar energy, which saw an installation of approximately 440 GW in 2023, is expected to drive up the demand for silver. Additionally, the increasing prevalence of electrical devices and gadgets highlights the growing necessity for silver in conductive materials and components, thanks to its exceptional conductivity, making it ideal for touchscreens, circuitry, and connectors.
India is anticipated to lead a modest 4 per cent recovery in jewellery fabrication in 2024, largely due to the resumption of restocking by retailers. Furthermore, the demand for silverware is projected to increase by 7 per cent, primarily fueled by India's strong economic growth and rising disposable incomes.
Hindustan Zinc's recent record silver production of 746 MT underscores its contribution to the vision of Atmanirbhar Bharat (self-reliant India) and solidifies its position as a significant player in the global silver market.
Owned by Anil Agarwal's Vedanta Ltd, Hindustan Zinc is also the world's second-largest integrated zinc producer.
The company has a market share of around 75 per cent of the growing zinc market in India with its headquarters at Zinc City, Udaipur along with zinc-lead mines and smelting complexes spread across the state of Rajasthan.
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