Hindustan Zinc silver rise impacts India Atmanirbhar agenda

By OEM Update Editorial April 18, 2024 6:59 pm IST

The company’s record silver production of 746 MT laid the groundwork for Atmanirbhar Bharat. The London Bullion Market Association (LBMA) has acknowledged the company’s Pantnagar silver refinery, which is now on the ‘London Good Delivery’ list.

According to the World Silver Survey 2024, Hindustan Zinc Limited, a Vedanta group firm, has risen to become the world’s third largest silver producer, with its Sindesar Khurd Mine being the world’s second largest, up from fourth last year.

Chairperson of Hindustan Zinc 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 percent 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 optimising the production process while reducing the environmental impact.”

The recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and inclusion on the ‘London Good Delivery’ list reinforces the refinery’s adherence to international quality standards, as evidenced by LBMA certification of 99.99 percent pure silver. Hindustan Zinc’s silver refinery at Pantnagar Metal Plant runs on 100 percent renewable power, which coincides well with the company’s aim to achieve net-zero emissions by 2050 or sooner.

Solar, the fastest growing of all renewable energy sources, with approximately 440 GW deployed by 2023, is expected to boost silver demand. Furthermore, the development of electrical appliances, electronics, and gadgets highlights the growing demand for silver in conductive materials and components, thanks to its superior conductivity, which is suitable for touchscreens, circuits, and connectors.

India is predicted to be the largest contributor to a slight 4 percent rebound in jewellery production in 2024, in part to shops refilling their shelves. Silverware consumption is expected to climb by 7 percent, driven primarily by India’s strong economic growth and rising disposable incomes.