Hindustan Zinc Becomes Fifth Largest Silver Producer Globally

Hindustan Zinc, India’s leading zinc-lead-silver producer, has emerged as the 5th largest silver producer in the world, according to the World Silver Survey 2023 by The Silver Institute. This places India in the top 20 silver-producing countries. Earlier, the company was ranked 6th largest silver producer which has now changed to 5th largest with 694 tonnes of silver production in the calendar year 2022. Hindustan Zinc produces 100% of India’s integrated Silver. The company has increased its production of Silver manifold since disinvestment with a production capacity of 800 tonnes from a meagre capacity of 41 tonnes in 2002. Previously, Silver refinery of Hindustan Zinc located at Pantnagar, in Uttarakhand has also been recognized by London Bullion Market Association (LBMA) and has been added to “London Good Delivery” list. The silver produced at its refinery is marked 99.99% pure and has been LBMA certified.
Globally, the scenario of the total supply of Silver has been constant compared to the previous year of 2021 at around 1,004 million ounces according to World Silver Survey 2023 by The Silver Institute. India witnessed a 24% jump in silver demand primarily driven by an increased demand in jewellery fabrication, silverware demand and physical investments post pandemic. According to provisional data from the Ministry of Commerce and Industry, Indian silver imports in the first seven months of 2022, surged to 5,100 tonnes from just 110 tonnes during the same period a year ago. Globally, the highest usage of Silver is in industrial fabrication, followed by jewellery, coins & bars and silverware as per World Silver Institute. In 2023, World Silver Institute expects industrial fabrication will reach another all-time high, boosted by continued gains in photovoltaic (PV) applications. Hindustan Zinc’s Sindesar Khurd Mine with this recognition is also placed in the Top 30 Silver Producing Mines in the world by securing 4th rank in the list.