In a significant achievement in the metals market, Hindustan Zinc Ltd.—a subsidiary of the Vedanta Group—has climbed the ranks to become the world's third-largest silver producer, according to the latest data from the 2024 World Silver Survey by The Silver Institute, USA.
The report also mentions that Indian production rose 6% year-on-year due to higher ore production and improved grades from Hindustan Zinc.
Striking Silver: A Leap In Global Rankings
The company's Sindesar Khurd Mine has advanced to become the second-largest silver mine in the world, improving its position from fourth place last year.
In a media statement, Hindustan Zinc Chairperson Priya Agarwal Hebbar stated that this mine has been integral to Hindustan Zinc's substantial increase in silver output. With a production increase of 5% year-on-year and record production of 746 metric tonne of silver, Hindustan Zinc is forging a path toward supporting global energy transitions and 'Atmanirbhar Bharat', she said.
Certified Purity And Sustainable Practices
Hindustan Zinc's commitment to quality and sustainability has been recognised with the Pantnagar silver refinery's inclusion in the ‘London Good Delivery’ list by the London Bullion Market Association. The refinery boasts a 99.99% pure silver certification and operates entirely on renewable energy, highlighting its commitment to achieving net-zero emissions by 2050 or sooner.
Driving Silver Demand
Silver's role is becoming more crucial due to its exceptional electrical conductivity capacity, with the ongoing expansion of solar energy, recording an installation of about 440 GW in 2023. This is essential for a variety of applications, including renewable energy technologies and consumer electronics.
The Indian market is expected to see a 4% increase in silver use for jewellery fabrication and a 7% rise in silverware demand, fuelled by economic growth and higher disposable incomes.
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