Vedanta's Hindustan Zinc becomes the 3rd largest producer of Silver Globally

Hindustan Zinc Limited - a Vedanta group company in zinc-leadsilver business has now become the 3rd 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 2nd largest silver-producing mine moving up from last year's 4th position.

On this achievement, Chairperson of Hindustan Zinc - Ms. Priya Agarwal Hebbar 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% 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% pure silver. Operating on 100% renewable power, sourced for its operations, Hindustan Zinc's silver refinery at Pantnagar Metal Plant aligns seamlessly with the company's pledge towards achieving net-zero emissions by 2050 or sooner.

Globally, solar - the fastest growing of all the sources of renewable energy with about 440 GW installed in 2023 - is poised to elevate silver demand. Additionally, the proliferation of electrical appliances, electronics, and gadgets underscores the rising need for silver in conductive materials and components, owing to its exceptional conductivity ideal for touchscreens, circuitry, and connectors.

Anticipating a modest 4% 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%, predominantly driven by India's robust economic growth and escalating disposable incomes.

https://www.silverinstitute.org/wp-content/uploads/2024/04/World-Silver-Survey-2024.pdf

*Production from integrated operations only

Shares of Hindustan Zinc Limited was last trading in BSE at Rs. 398.85 as compared to the previous close of Rs. 404.75. The total number of shares traded during the day was 191814 in over 5584 trades.

The stock hit an intraday high of Rs. 411.10 and intraday low of 392.60. The net turnover during the day was Rs. 76903463.00.

Source : Equity Bulls

Keywords

HindustanZinc INE267A01025 3rdLargest SilverProducer