Hindustan Zinc Ltd, a Vedanta Group company in zinc-lead-silver business, has now become the 3rd largest (production from integrated operations only) 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.

Stating that silver plays a pivotal role in the global energy transition and that the company’s recent record silver production of 746 MT paves the way for Atmanirbhar Bharat, Priya Agarwal Hebbar, Chairperson, Hindustan Zinc, added, “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 optimize 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 reaffirm the refinery’s adherence to international quality standards, marked by LBMA certification of 99.99 percent pure silver. Operating on 100 percent 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, which makes it ideal for touchscreens, circuitry, and connectors.

Anticipating a modest 4 percent recovery in jewelry 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 percent, predominantly driven by India’s robust economic growth and escalating disposable incomes.

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