Vedanta?s Hindustan Zinc Becomes the 3rd Largest Producer of Silver Globally
18.04.2024 - 14:33:03
largest* silver producer globally as per the World Silver Survey 2024 conducted by âThe Silver Instituteâ, USA. The companyâs Sindesar Khurd Mine now stands as the world's 2nd largest silver-producing mine moving up from last yearâs 4th position.
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On this achievement, Chairperson of Hindustan Zinc â Ms. Priya Agarwal Hebbar said, âSilver 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 Zincâs 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.â
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Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and inclusion in the âLondon Good Deliveryâ 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.
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Globally, solar â the fastest growing of all the sources of renewable energy with about 440 GW installed in 2023 â 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.
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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.
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https://www.silverinstitute.org/wp-content/uploads/2024/04/World-Silver-Survey-2024.pdf
*Production from integrated operations only
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On this achievement, Chairperson of Hindustan Zinc â Ms. Priya Agarwal Hebbar said, âSilver 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 Zincâs 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.â
Â
Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market Association (LBMA) and inclusion in the âLondon Good Deliveryâ 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.
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Globally, solar â the fastest growing of all the sources of renewable energy with about 440 GW installed in 2023 â 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.
Â
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.
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https://www.silverinstitute.org/wp-content/uploads/2024/04/World-Silver-Survey-2024.pdf
*Production from integrated operations only
About Hindustan ZincHindustan Zinc, a Vedanta Group company in Zinc-Lead and Silver business is worldâs 2nd largest integrated Zinc producer and now the 3rd largest Silver producer. The company has a market share of ~75% 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.
Hindustan Zinc is self-sufficient in power with captive thermal power plants and has ventured into green energy by setting-up wind power plants. The company ranked first in the S&P Global Corporate Sustainability Assessment in 2023 amongst Metals & Mining companies reflecting & reaffirming its constant commitment towards sustainable and responsible mining practices. Hindustan Zinc is a certified Water Positive company and is the only Indian company to be recognized at the S&P Global Platts Metal Award 2022 winning two prestigious awards for âIndustry Leadership Award â Base, Precious & Specialty Metalsâ Award and âCorporate Social Responsibilityâ Award. Hindustan Zinc is also the only Indian company in Mining sector with validated & approved SBTi targets in alignment with 1.5 °C target.
The company takes pride in having some of the best-in-class people practices and employee-centric initiatives, which have certified Hindustan Zinc as â âGreat Place to Work 2023â, âCompany with Great Managers 2022â by People Business and the âPeople-first HR Excellence Awardâ. Along with that, Hindustan Zinc has been recognized with the coveted CII HR Excellence Award, leading in HR innovation with a 600+ score.
As a socially responsible corporate, Hindustan Zinc has been relentlessly working towards transforming lives of 1.9 million people in 3,685 villages in the states of Rajasthan and Uttarakhand with a spend base of INR 269.3 crores in FY24 for various community development initiatives and is amongst the Top 10 CSR Companies in India.
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